Year of reckoning for India Inc: Fortis Healthcare remains in the sick bay

Fortis had declassified the Singh brothers as promoters

Fortis Healthcare, now India's largest hospital chain, was set up in 2001 by Malvinder and Shivinder Singh, who had inherited the legacy of Ranbaxy and Religare from their father and grandfather. The hospital chain grew rapidly and even expanded overseas. Soon the crown jewel Ranbaxy was sold to Japan’s Daiichi in 2008 for $4.6 billion. In the court battles that followed the sale, the Singh brothers, who are now estranged, were directed in February 2018 to pay Daiichi Rs 35 billion for misleading the drugmaker by withholding information. By this time, newer entrants like Manipal and Apollo were also vying