SC upholds Delhi HC order approving Fortis Healthcare forensic audit
Business
The Supreme Court just gave the green light for a forensic audit into Fortis Healthcare's share deals, after upholding a Delhi High Court order.
This move is all about checking if 17 banks and financial institutions helped Malvinder and Shivinder Singh move assets around to avoid paying the massive ₹5,300 crore owed to Daiichi Sankyo.
Fortis Healthcare audit probes asset concealment
The audit will dig into whether these share transactions (and loans given against them) were genuine or just clever ways to hide assets.
The Supreme Court also turned down objections from Yes Bank and Axis Bank, making it clear that the focus should be on specific suspicious deals, not a general review of all bank activities.
The goal: finally get some answers on this long-running case.