IHH puts Fortis takeover on hold; clarifies no collusion with Singh brothers
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Fiona Lam
MALAYSIA'S IHH Healthcare on Monday said that its open offers for cash-strapped Indian hospital chain Fortis Healthcare and the latter's subsidiary, Fortis Malar Hospitals (FMH), will not proceed for the time being.
This is in light of the Nov 15 judgment passed by India's Supreme Court which included a notice of contempt issued to Fortis and others.
The country's top court last week held Fortis' founders - Malvinder Singh and Shivinder Singh - guilty of contempt of court, and said it could start similar proceedings against the company.
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