SRL Diagnostics’ demerger from Fortis HealthcareBSE -0.59 % has been deferred yet again after the Supreme Court’s order directing promoters Malvinder and Shivinder Singh to maintain the status of shareholding of one of their companies’ in the hospital chain. The National Company Law Tribunal (NCLT) in Chandigarh, expected to make a decision on the demerger, will now hear the matter in early October.
Plans to separate SRL from parent company Fortis through a scheme of arrangement and amalgamation are not blocked as of now and the matter is under consideration by NCLT, a Fortis Healthcare Ltd spokesperson told ET.
The tribunal is also hearing arguments by Japanese drug maker Daiichi Sankyo to block this demerger and has not made any final decisions on their intervention either.
Following the SC directions to maintain status quo with regards to Fortis Healthcare Holding Pvt Ltd’s shareholding in Fortis Healthcare Ltd for four weeks, NCLT has decided to defer the hearing on the demerger until October 10.
Source: Economic Times