After completion of its mandatory tender offer in Fortis Healthcare and Fortis Malar Hospitals, Malaysian health care giant IHH Healthcare is aiming to add 2,000 beds in a bid to double down on value creation in India. IHH, which is Asia's largest multinational private healthcare provider, currently has over 5,000 beds across a combined network of 35 hospitals and 11 states.
The Supreme Court refused to interfere with an order dismissing Jacqueline Fernandez's plea to quash an ECIR in a Rs 200 crore money laundering case involving Sukesh Chandrasekhar.
He was detained on the intervening night of Thursday and Friday in Ludhiana and was formally arrested on Friday morning after he was brought to New Delhi by a team of the Economic Offences Wing, Additional Commissioner of Police (EOW) O P Mishra said.
AAP national convenor Arvind Kejriwal will meet Punjab Chief Minister Bhagwant Mann, state ministers, and party MLAs in Delhi on Tuesday amid growing speculation about internal dissent in the party's Punjab unit following AAP's rout in the Delhi Assembly elections. The meeting is expected to focus on analyzing the Delhi election results and strategizing for the Punjab polls scheduled in 2027. The AAP's Punjab unit has faced questions about internal cohesion, with some suggesting that the party's leadership in Delhi continues to exert significant influence over Punjab's governance. There are also speculations that Kejriwal could consider a more direct role in Punjab politics now, with some political observers suggesting that he could contest from the vacant Ludhiana assembly seat.
Malvinder "forged the signatures" of Aditi Singh, Shivinder's wife, in the documents of RHC Holdings Pvt Ltd, which along with Oscar Investments Ltd jointly owned financial services firm Religare Enterprises Ltd and hospital chain Fortis Healthcare Ltd, it said.
Sebi on Tuesday sent a notice to 7 entities, including Malvinder and Shivinder Mohan Singh, asking them to pay Rs 48.15 crore within 15 days in a fund diversion case of Religare Finvest. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
Malvinder is accused of laundering money, punishable under sections 3 and 4 of the Prevention of Money Laundering Act.
The court posted the matter for hearing on October 22.
The investigating officer of the Delhi police, in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
Ranbaxy chief Malvinder Singh and Max Healthcare chairman Analjit Singh on Monday said they have reached a settlement on the will of Ranbaxy founder Bhai Mohan Singh and decided to withdraw all cases against each other.
Sources said she had stopped eating for the past few days and had constantly been making calls and sending emails to the two brothers.
One reform that Malvinder couldn't do was that of the company's board of directors. For long, doctors and scientists have been inadequately represented on the Ranbaxy board. The new owner will have to address this problem.
According to a report, the Indian healthcare sector will need a total capital investment of Rs 1.62 lakh crore (Rs 1.62 trillion) to provide accessible and affordable healthcare during the 12th Plan period.
All medicines that have USFDA approvals continue to be produced in the Poanta Sahib facility. The USFDA has not given any approval for new drugs as they have some concerns. We are addressing them, Malvinder Singh said.
After the Akal Takht on Friday declared Sukhbir Singh Badal 'tankhaiya' -- guilty of religious misconduct -- some leaders of the ruling Aam Aadmi Party as well as rebel Akalis called for the Shiromani Akali Dal chief to step down.
Singh says Japanese pharma giant's allegations false.
Malvinder, who has made his family richer by Rs 10,000 crore (Rs 100 billion), was brought up in relative austerity. While his cousins zipped around the town in fancy cars, he would travel to college in Delhi Transport Corporation (DTC) buses.
A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold.
Sources say the firm had to act to calm Japanese investors, restive at the flow of bad news.
Unperturbed by the concerns raised by the investment community, the Singh brothers, promoters of the Fortis hospital chain, recently completed the integration of their domestic and international health care businesses.
Singh said they will focus on Fortis Healthcare and Religare Financial Services after the acquisition.
If the operating principle is that all members of a family must be given an equal role in the business and that they will not make way for better managers who are not members of the family (in other words, the feudal principle), it is hard to see such a company prospering for long in a competitive market.
In 2008, Daiichi Sankyo had bought the entire 34.82 per cent stake in Ranbaxy from its promoters, Malvinder Mohan Singh and family, for $4.2 billion. Currently, Singh is executive chairman of Fortis Healthcare.
As he uses the Ranbaxy money to expand his other businesses, in India and abroad, this young scion is clear about one thing -- he's not going to fight battles he can't win.
Promoter of Ranbaxy Laboratories, Malvinder Mohan Singh, not only sold a strategic stake in his company to Japanese pharma major Daiichi Sankyoand, he even managed to get a good increment for himself. According to the company's extraordinary general meeting notice, Singh will now earn a salary and allowances of Rs 25 crore per annum as against Rs 19.58 crore earlier.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
The Enforcement Directorate has recently arrested Chandrashekhar in a fresh money laundering case linked to duping former Religare promoter Malvinder Singh's wife by posing as the Union home and law secretaries.
The fresh charges against Chandrashekhar pertain to Rs 3.5 crore that Malvinder Singh's wife Japna is alleged to have paid after she was conned that this money would be used to bail her husband out.
Actor Jacqueline Fernandez on Monday arrived at the Patiala House court in the national capital in connection with the Rs 200 crores money laundering case involving alleged conman Sukesh Chandrashekhar.
The legislator was taken into custody under provisions of the Prevention of Money Laundering Act after he was detained by agency officials from a public meeting he was holding in Malerkotla, they said.
Congress MLA Sukhpal Singh Khaira was arrested by the Punjab Police in connection with a 2015 drugs case on Thursday morning, official sources said.
Aam Aadmi Party candidate Sushil Rinku on Saturday won the Jalandhar Lok Sabha by-election, defeating his nearest rival and Congress nominee Karamjit Kaur Chaudhary by a margin of 58,691 votes.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The Opposition targeted Mann on Monday, alleging that he was deplaned from a Delhi-bound aircraft at the Frankfurt airport as he was drunk, a charge dismissed by the ruling Aam Aadmi Party as baseless.
The Opposition on Monday targeted Punjab Chief Minister Bhagwant Mann, alleging that he was deplaned from a Delhi-bound flight at the Frankfurt airport as he was 'drunk', a charge denied by the ruling AAP as baseless.
Sarari has resigned from the cabinet of Chief Minister Bhagwant Mann, confirmed a senior leader of the ruling AAP.
The high court said the investigation has shown the crime proceeds were used for air travel and purchase of high-end branded gifts for Bollywood celebrities.
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