Fortis Healthcare Limited’s (“Fortis”) Company Petition seeking the approval of the National Company Law Tribunal, Chandigarh was listed on 29 June 2017 before Hon’ble Mr. Justice R P Nagrath. The Company Petition was listed for passing the second motion, which if allowed, would have approved the Scheme of Merger, Demerger and Amalgamation (“Scheme”).
Daiichi Sankyo Company, Limited ("DS") had filed an application seeking intervention in the matter as Fortis had failed to disclose the orders passed by the Delhi High Court, as per which, the Promoters of Fortis could not have changed the status of their unencumbered assets / shareholding without taking prior permission of the Delhi High Court as per 06 March 2017 order and other orders of the DHC. The intervention application filed by DS was listed today for consideration before the NCLT. Please find a copy of the Application attached with the mail.
DS was represented by Mr. Rajeev Atma Ram, Senior Advocate and assisted by P&A Law offices. Fortis was represented by Mr. Gyanendra Kumar, partner of Cyril Amarchand Mangaldas (“CAM”) law firm. The matter was argued for over two hours before the NCLT where both the sides were arguing tooth and nail against each other. The counsel representing Fortis, spoke aggressively against DS application and requested NCLT to dismiss the intervention application of DS with costs. Counsel for DS argued that the present scheme is a tool to defraud DS and siphon the assets of the Singh brothers. It was also argued and pointed out that the present scheme cannot be passed as the same would be in contravention of the orders of the DHC.
Finally after hearing both the sides, the NCLT adjourned the matter to 07 July 2017 for further arguments on the intervention application filed by DS. Fortis’ lawyer pressed for listing of the main petition dealing with the Scheme on 07 July 2017, but the NCLT out rightly rejected the same. The NCLT observed that it would deal with the Scheme only after deciding the application filed by DS on 7th July.