HC stays Escorts Heart sale till Nov 22

 Acting on a petition filed by Anil Nanda challenging the conversion of the EHIRC from a charitable institution to a company/non-charitable body, Justice Anil Kumar ordered status quo till the next hearing.

 The court also issued notices to EHIRC, Ritu Nanda, Rajan Nanda, G B Mathur, Registrar of firms and societies, Chandigarh, Registrar of Companies, Jalandhar and Registrar of societies, Delhi, and asked all of them to file their replies by November 22.

 Rajan Nanda, chairman of Escorts, had, on Wednesday, struck a deal with Fortis Healthcare to sell 90% equity of EHIRC for a total valuation of Rs 650 crore.

 "We are getting Rs 585 crore in the all-cash deal," Rajan Nanda had said.

 Anil Nanda, Rajan's younger brother, had opposed the deal, and moved the court against the conversion of the charitable trust set up to treat poor patients into a company.