The IHH Healthcare – promoted Fortis Healthcare informed stock exchanges that the Delhi high court has approved the purchase of the trademarks which were the subject of a litigation involving the Singh’s and Japan’s Daiichi Sankyo.
Daiichi Sankyo had purchased the Singh’s pharmaceutical company Ranbaxy Laboratories in 2008.
The Japanese drug maker later claimed the Singh’s had concealed critical information about Ranbaxy when they sold the company to it and won an arbitral award granting them damages for the same in Singapore. The Delhi high court is enforcing that award. In this process it attached properties of the Singh’s including the Fortis trademark which they owned in their personal capacity.
Fortis Healthcare is now owned by Northern TK Venture an entity that is part of IHH Healthcare. The hospital chain was also previously owned by the Singh brothers.
The company has a nationwide network of 26 hospitals and market capitalization exceeding Rs. 50,000 crore.
