KUALA LUMPUR: IHH Healthcare Bhd
says its position remains that its subsidiary, Northern TK Venture Pte Ltd (NTK), acquired its stake in Fortis Healthcare in 2018 through a transparent, widely publicised and fully regulated competitive bidding process.
In a filing with Bursa Malaysia, it said the transaction obtained all necessary approvals, including those required under the Competition Commission of India and the Securities and Exchange Board of India’s takeover regulations.
“IHH’s investment was made through a preferential allotment of newly issued Fortis shares amounting to 40 billion rupees for a 31% stake, together with a mandatory tender offer to public shareholders.
“No secondary shares were acquired from the former promoters and judgement debtors, Malvinder Mohan Singh and Shivinder Mohan Singh, and no payments were made to them,” it said.
The Supreme Court of India on Sept 25 disposed of a special leave petition by Fortis challenging a Delhi High Court’s order requiring a forensic audit in relation to the firm. — Bernama
