“The order of 14 December does not cover the transaction between FHL and RHT Health Trust through which no controlling stake in FHL is being transferred to IHH. As such, the question of restraining transfer of funds to RHT does not arise and any such transfer does not go against the order," FHL submitted. FHL was responding to a plea by Japanese firm Daiichi Sankyo seeking to restrain it from transferring ₹4,000 crore it had received from Malaysia’s IHH Healthcare Berhad to RHT Health Trust, Singapore. The order was passed on a petition by Daiichi Sankyo, which accused former promoters—Malvinder Singh and Shivinder Singh—of violating court orders. After a long bidding war, a binding offer by IHH Healthcare Berhad to invest ₹4,000 crore in the cash-strapped hospital chain, outbidding a consortium of Manipal Health Enterprises and TPG Capital, was unanimously accepted in July.

Source: Mint February 07, 2019 12:56 UTC