A Singapore arbitration tribunal in April 2016 agreed with the argument and ordered the Singhs to pay Rs 2,652 crore to the Japanese firm. The total value of these assets as of February 2017 was Rs 3,246 crore, the Singhs' counsel said. Many assets disclosed by these debtors so far are encumbered, Justice Jayant Nath observed while passing the order on Monday.Lenders like YES Bank have also been moving to recover loans to the brothers. Entities including Societe Generale, BNP Paribas Arbitrage and Derive Investments purchased Fortis shares worth Rs 214 crore, a stake of around 2.8%, between February 19 and February 23, according to ET’s estimates. This, probably, has reduced the risk on Fortis from the former owners’ legal woes.

Source: Economic Times February 26, 2018 09:00 UTC