Singhs quit Fortis board

New Delhi: Fortis Healthcare promoters Malvinder Mohan Singh and Shivinder Mohan Singh have resigned as directors from the company's board following the Delhi high court order upholding a Rs 3,500-crore arbitral award in favour of Daiichi Sankyo.

The Singh brothers have jointly tendered their resignation to the board, which will discuss it in the meeting on February 13, the company said in a filing to the BSE.

The resignation is intended to free the organisation from any encumbrances that may be linked to the promoters, the letter said.

The Delhi high court had on January 31 upheld an international arbitral award of Rs 3,500 crore passed in favour of Japanese pharma major Daiichi Sankyo, which has alleged that the former promoters of Ranbaxy had concealed information about proceedings against them by the American food and drug department. PTI


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