NEW DELHI: Under power, billionaire Singh Brothers -- Malvinder and Shivinder, on Thursday stated they were "not going anywhere", as they face cost of Rs 3,500 crore arbitration award to Daiichi Sankyo and a probe into alleged monetary irregularities at Fortis Healthcare and Religare Enterprises.
The brothers, who had quit from the forums of Fortis and Religare previous this month, stated that "given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities".
In a joint statement, they stated: "We assure that we are NOT going anywhere and are addressing the issues with responsibility and sincerity. We will not shy away from any and all processes, questions, clarifications that need to be addressed; and we will provide all cooperation to ensure that the truth comes forth."
The statement comes at a time when there may be giant furore within the nation over the Rs 11,400 crore PNB rip-off involving billionaire jewellery merchants Nirav Modi and Mehul Choksi, who have fled the rustic.
The Delhi High Court had on January 31 upheld an international arbitral award of Rs 3,500 crore passed in favour of Japanese pharma primary Daiichi Sankyo, which had alleged that the former promoters of erstwhile Ranbaxy Laboratories had hid details about complaints in opposition to them through American food and drug department.
The Serious Fraud Investigation Office (SFIO) is also reported to be beginning a probe into alleged monetary irregularities at Fortis and Religare.
Moreover, on February 15, the Supreme Court lifted its stay on sale of shares of Fortis Healthcare Ltd pledged with banks through the Singh brothers prior to August 31, permitting monetary institutions, together with Axis Bank and Yes Bank, to promote the pledged shares.
Subsequently, the stake of promoter firm Fortis Healthcare Holdings together with promoters Malvinder Mohan Singh and Shivinder Mohan Singh and other family entities have come down to 5.87 consistent with cent from 34.43 consistent with cent previous.
Credit rating agencies ICRA and CARE have additionally downgraded ratings on Fortis Healthcare.
In their statement, the Singh Brothers additional asked all the 'stakeholders' for persistence "in allowing us to share facts that will allow for more balanced views to emerge".
"Matters as large and complex as the ones being faced cannot be simplistically addressed and solutions require time. Many opinions and perceptions are based on limited information and don't necessarily reflect reality or the truth," they stated.
Assuring the stakeholders that they are doing "whatever it takes to resolve the issues and will not shy away from our current responsibilities", the brothers additionally sought their beef up "in this effort and stand by us to enable us to fulfil our commitments and address the issues in the right manner".
In their resignation letter from Fortis Healthcare board, the Singh brothers had stated their transfer was once supposed to loose the organisation from any encumbrances that may be related to the promoters.
"We are working tirelessly to restore the faith of all our investors, shareholders, partners and colleagues. Sometimes adversity empowers one to bring out one's best. In that lies our hope!" their joint statement stated.
The brothers, who had quit from the forums of Fortis and Religare previous this month, stated that "given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities".
In a joint statement, they stated: "We assure that we are NOT going anywhere and are addressing the issues with responsibility and sincerity. We will not shy away from any and all processes, questions, clarifications that need to be addressed; and we will provide all cooperation to ensure that the truth comes forth."
The statement comes at a time when there may be giant furore within the nation over the Rs 11,400 crore PNB rip-off involving billionaire jewellery merchants Nirav Modi and Mehul Choksi, who have fled the rustic.
The Delhi High Court had on January 31 upheld an international arbitral award of Rs 3,500 crore passed in favour of Japanese pharma primary Daiichi Sankyo, which had alleged that the former promoters of erstwhile Ranbaxy Laboratories had hid details about complaints in opposition to them through American food and drug department.
The Serious Fraud Investigation Office (SFIO) is also reported to be beginning a probe into alleged monetary irregularities at Fortis and Religare.
Moreover, on February 15, the Supreme Court lifted its stay on sale of shares of Fortis Healthcare Ltd pledged with banks through the Singh brothers prior to August 31, permitting monetary institutions, together with Axis Bank and Yes Bank, to promote the pledged shares.
Subsequently, the stake of promoter firm Fortis Healthcare Holdings together with promoters Malvinder Mohan Singh and Shivinder Mohan Singh and other family entities have come down to 5.87 consistent with cent from 34.43 consistent with cent previous.
Credit rating agencies ICRA and CARE have additionally downgraded ratings on Fortis Healthcare.
In their statement, the Singh Brothers additional asked all the 'stakeholders' for persistence "in allowing us to share facts that will allow for more balanced views to emerge".
"Matters as large and complex as the ones being faced cannot be simplistically addressed and solutions require time. Many opinions and perceptions are based on limited information and don't necessarily reflect reality or the truth," they stated.
Assuring the stakeholders that they are doing "whatever it takes to resolve the issues and will not shy away from our current responsibilities", the brothers additionally sought their beef up "in this effort and stand by us to enable us to fulfil our commitments and address the issues in the right manner".
In their resignation letter from Fortis Healthcare board, the Singh brothers had stated their transfer was once supposed to loose the organisation from any encumbrances that may be related to the promoters.
"We are working tirelessly to restore the faith of all our investors, shareholders, partners and colleagues. Sometimes adversity empowers one to bring out one's best. In that lies our hope!" their joint statement stated.
Not going anywhere, say under pressure Singh Brothers
![Not going anywhere, say under pressure Singh Brothers]()
Reviewed by Kailash
on
February 23, 2018
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