The Delhi High Court has allowed Anil Nanda’s application to implead Fortis Healthcare in the dispute with his brother, Rajan Nanda. The Malvinder Singh-promoted healthcare major is now a party to the bitter dispute pending since 2005.
Anil Nanda has argued before the Court that the public offer of Fortis Healthcare should be declared illegal on the grounds that the Escorts Heart Institute is under dispute. Nanda’s petition seeking a declaration of the 2007 Fortis IPO as illegal has been admitted.
The Delhi High Court has allowed Anil Nanda’s application to implead Fortis Healthcare in the dispute with his brother, Rajan Nanda. The Malvinder Singh-promoted healthcare major is now a party to the bitter dispute pending since 2005.
The Anil and Rajan Nanda-owned Escorts Heart Institute and Research Centre was sold to Fortis Healthcare for approximately Rs. 556 crore ($ 115 Million) in 2005. Fortis Healthcare entered the capital markets in 2007 and raised Rs. 500 Crores ($104 Million) through an IPO. One of the risk factors included in the Fortis IPO prospectus was the existence of the dispute with Anil Nanda.
Anil Nanda has argued before the Court that the public offer of Fortis Healthcare should be declared illegal on the grounds that the Escorts Heart Institute is under dispute. Nanda’s petition seeking a declaration of the 2007 Fortis IPO as illegal has been admitted.
The amended petition also asks the Court to declare the transfer of 90 per cent of the shares to Fortis Healthcare, as void and bad in law and prays for a quashing of the arrangement between Rajan and Escorts.
Anil’s counsel, P.K. Bansal has engaged Senior Advocate Sandeep Sethi to appear in this segment of the long drawn litigation. Senior Counsels V.P. Singh and Mukul Rohtagi have also previously been engaged to appear on behalf of Anil Nanda at various points of time. The Escorts hospital, Rajan Nanda and other parties to the dispute have been represented by Senior Counsels A.M.Singhvi and Parag P.Tripathi. The matter is due for hearing on October 15.
