Religare Enterprises Ltd, promoted by brothers Shivinder Singh and Malvinder Singh, told on Wednesday the Delhi high court that the sale of its health insurance business is unlikely to happen this year.
The court, which is hearing Singh brothers’ petition against an arbitration award in favour of Japan’s Daiichi Sankyo, had barred the sale of any assets without its knowledge. When Religare said it plans to sell 80% in its insurance business to a group of investors led by True North, Daiichi complained this would violate the court’s order, following which the court sought a timeline of the sale plan.
On Wednesday, Religare said it is awaiting a nod from the Insurance Regulatory and Development Authority of India (Irda) for the sale of Religare Health Insurance Co. Ltd. A meeting with Irda officials in this regard, it said, is likely to take place in November.
