The Rs 1,550-cr deal expected to be completed by March.
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
The police have put up barricades, tippers and rolled out water cannons to prevent protesting farmers from entering Chandigarh.
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
Piramal Healthcare and SRL have entered into an agreement for SRL to acquire Piramal Diagnostics Services Ltd, Piramal said in a filing to the Bombay Stock Exchange.
Religare Enterprises, the financial services group promoted by Malvinder Singh and Shivinder Singh, was in advance talks with the Ajay Piramal group to buy a 60 per cent stake in the latter's private equity and fund management venture, Indiareit Fund Advisors, for Rs 175 crore, said an executive close to the development.
Made possible through calculated decision on an unforeseen development.
Religare Enterprises founders Malvinder Singh and Shivinder Singh on Wednesday made an open offer to the company shareholders at Rs 457 a share, which will increase their stake further by 20 per cent.
'Had the Congress made Sidhu its CM face, they would have won 80 out of 117 seats.'
It is of course a coincidence, but the pace of corporate news in India is accelerating while the new government, whose election last week sparked a surge of corporate optimism and a stock market boom, dithers over which ministers to appoint to which jobs.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
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.
"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."
Insurance companies, which are major shareholders in the country's biggest drug maker Ranbaxy Laboratories, said they will sell part of their stake in the company to the highest bidder.
Fortis Healthcare, promoted by former Ranbaxy owners Malvinder Singh and Shivinder Singh, will raise Rs 1,000 crore (Rs 10 billion) through a rights issue by the first week of August, to fund its expansion plan.
The Daiichi Sankyo-Ranbaxy deal is facing a new hurdle, following an objection from the stock exchanges over completing the stake sale transaction through the block deal window, forcing the Ranbaxy promoter Malvinder Singh and his family to pay about Rs 1,000 crore from the sale as tax to complete the transaction.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
The four ministers -- Tript Rajinder Singh Bajwa, Sukhbinder Singh Sarkaria, Sukhjinder Singh Randhawa and Charanjit Singh Channi -- and around two dozen legislators met in Chandigarh at the residence of Bajwa on Tuesday.
"We are responding to all queries from US FDA and will emerge as a stronger player in the world's biggest pharmaceutical market," Ranbaxy Chairman and Managing Director Malvinder Singh said. The US, which accounts for 20 per cent of Ranbaxy's $1.5-billion annual turnover, has an import restriction on 30 of its medicines by the US Food and Drugs Authority.
The transaction, to be followed up by an open offer, puts the entire deal value between $3.4 billion and $4.6 billion.
Under the banner of the CII, domestic drug majors have approached Cabinet Secretary BK Chaturvedi for being allowed to present their views on the new pharmaceutical policy, scheduled to be discussed by the Union Cabinet on Thursday.
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.
The bitter dispute in the Ranbaxy promoter family took an ugly turn on Wednesday with one section approaching the police against the other, alleging 'illegal construction' at the palatial family house in the heart of the city.
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
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.
Malvinder Singh, President (Pharmaceuticals) and Executive Director, Ranbaxy, says the company aims to touch $5 billion in revenues by 2012, with growth coming from American and European markets.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
PNB has rich experience in the integration of commercial banks.
The court posted the matter for hearing on October 22.
'Change was very much needed for the Congress to win the 2022 assembly elections.'
'Sidhu's suggestions regarding formation of the new government were completely ignored, so he stepped down.' 'Channi's government is walking on the same path as Amarinder Singh's.'
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.
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