Fortis Healthcare shares rose to a day high of Rs 840.20 on 28 September, after a Supreme Court order in its forensic audit case.

The Supreme Court closed Fortis Healthcare Ltd’s challenge to a Delhi High Court ruling of 31 August, part of a dispute between Daiichi Sankyo and the Singh brothers, Malvinder and Shivinder Mohan Singh, who were Fortis’s promoters.

Fortis had opposed the High Court’s direction for a forensic audit of the company. The court let the audit go ahead.

It also said the High Court’s remarks that Fortis had objected to were ‘tentative’, made only to justify ordering an audit, and that the audit must run independently of them. Fortis says it is confident.

In an exchange filing, Fortis said it is a ‘complete stranger’ to the dispute, was never a party to the arbitration and could not control shares its former promoters owned.

It got no money from those share transfers, it added, and the High Court put no liability, penalty or fine on it.

The filing traces how ownership changed. By March 2018, the Singh brothers held under 1% and had left the board.

Fortis said Northern TK Venture Pte Ltd, part of IHH Healthcare Berhad, became its promoter in November 2018 through a fresh share issue after a bidding process, and that no shares came from the brothers. It expects the audit to confirm this.

Separately, Fortis Hospotel, a wholly owned subsidiary, signed a 29-year agreement on 16 September to provide services at a planned 400+ bed hospital in Ashok Vihar, Delhi.

It will also lend up to Rs 567 crore for construction, and the hospital is expected to start in three to four years, subject to approvals.

Shares of Fortis ended the session at Rs 830.75 on NSE, down 0.85% from the previous close of Rs 837.85.

It closed about 24.8% below its 52-week high of Rs 1,104.30 and is down 7.75% so far this year.

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