Real Estate Companies Associated With Fortis Promoters Are Barred From Selling Properties By Delhi High Court

Maumita Mitra 17 November 2018

Daiichi made allegations on Singhs that they tapped INR 2500 crore and above and they joined hands with Prius and Shimal Healthcare for this deal. Following this allegation, Delhi High court ordered and barred the real estate companies who are associated with Fortis promoters.

The allegations were made on Malvinder Singh and Shivinder Singh, who was earlier associated with Fortis as promoters. They are suspected of tapping funds so that they do not have to pay the arbitration award.

Delhi High Court barred Prius from selling assets on Tuesday so that they have enough funds to clear the Daiichi’s arbitration award of INR 3500 crore.

Prius’ lawyer, on the other hand, stated at the court that Daiichi’s claim could not be legally addressed at the current time by Prius keeping the circumstances in mind. While the assets of this group have not been frozen by the court yet, and Prius is allowed to use them but not sell them or make any other party interested in those assets.

According to the court’s order, Daiichi is also going to send a notice to Shimal healthcare. Best Healthcare which is another firm associated with Shimalis also ordered to disclose all the assets they have and own.

17th December is the date when Delhi HC will again hear this case.

(Source- Economic Times)

(Image Source- The Wire)