Fortis says it is unrelated as SC allows forensic audit
In short
Fortis said it has nothing to do with the Daiichi-Singh Brothers dispute after the Supreme Court allowed a forensic audit. The court said the auditor must work on its own and not be influenced by earlier observations.
The move keeps Fortis shares in focus. The reporting does not say what the audit will find or what the next legal step will be.
What the reporting says
Fortis said it was a “complete stranger” to the Daiichi-Singh Brothers dispute after the Supreme Court allowed a forensic audit. The available reporting says the court required the auditor to work independently and not be influenced by earlier observations. Fortis also said in June 2018 that its newly constituted independent board began a competitive bidding process to find a new investor. The immediate market focus is on Fortis shares; other details are not stated.
Why it matters
Fortis is the company in focus after the Supreme Court allowed a forensic audit in the Daiichi-Singh Brothers matter. The reporting says the auditor must act independently and not be influenced by prior observations. Fortis has separately said its independent board started a competitive process in June 2018 to bring in a new investor. The near-term implication is market attention on Fortis shares; the audit outcome is not stated.