In the interim, it is directed that status quo as on today with regard to the shareholding of Fortis Healthcare Holding Pvt Ltd in Fortis Healthcare Ltd shall be maintained," the bench stated.Shares of Fortis Healthcare Ltd on BSE dropped 2.44 per cent intra day after the court's order was passed. "Fortis Healthcare Holding cannot for four weeks change the status of the shares they hold in Fortis Healthcare as of today," Anuradha Dutt, counsel for the Singhs, told ET. "This order only concerns Fortis Healthcare Holding and has nothing to do with any other shares (including those of foreign investors) in Fortis Healthcare Ltd."On the other hand, Daiichi's counsel told ET that the Supreme Court's latest order "clearly" prevents any stake sales or dilutions by Fortis Holding. "Daiichi has always contended that stake sale/dilution by Fortis Holding of its shareholding in Fortis Healthcare Limited is in violation of the order dated 06 March 2017 of the Delhi High Court. Last Friday, it approached the Supreme Court to appeal a June 21 high court order that would potentially let the brothers enter corporate transactions provided they maintained the value of theunpledged assets disclosed earlier this year.The high court had sought the value of these unpledged assets so that they could be considered to pay Daiichi's award if the Japanese firm won its ongoing case to enforce it.

Source: Economic Times August 11, 2017 19:10 UTC