Trehan sells 10% stake in Escorts for Rs 70 cr: sources

Updated on May 31, 2007 03:25 AM IST

Naresh Trehan on Wednesday joined Apollo Hospitals after quitting as Executive Director of EHIRC.

HT Image
HT Image
None | By, New Delhi

Following days of bitter battle with the promoters of Escorts Heart Institute, noted cardiologist Naresh Trehan on Wednesday joined Apollo Hospitals after quitting as Executive Director of EHIRC, where he is understood to have sold his 10 per cent stake for an estimated Rs 70 crore.

Trehan announced his decision to join Apollo in a sudden development today, after disengaging himself from EHIRC, where he was reinstated as the ED last week following an out-of-court settlement with the heart institute's promoters, the Fortis group.

Trehan is understood to have sold his 10 per cent equity to people close to the promoters of Ranbaxy, a pharma major controlled by Malvinder Singh, brother of Shivinder Singh who owns the majority stake in EHIRC.

While Trehan declined to comment on the issue, citing a confidentiality agreement with the Fortis management, Shivinder and his associates also did not give any details on the financial parting.

However, sources close to the development said that Trehan's sale of stake was part of the out-of-court settlement reached with the EHIRC management.

Earlier today, Fortis had said in a statement that it had not bought any stake from Trehan.

SHARE THIS ARTICLE ON
Close Story
QUICKREADS

Less time to read?

Try Quickreads

  • Kuldeep Bishnoi broke the ice with his arch-rival Sonali Phogat of the BJP, who lost to him in the 2019 assembly polls. He started campaigning for the Adampur bypoll, the date for which is yet to be declared. (HT Photo)

    Kuldeep Bishnoi starts campaigning in Adampur

    Kuldeep Bishnoi, who has recently switched over to the BJP from the Congress after resigning as Adampur legislator on Thursday, started canvassing for the bypoll, the date for which is yet to be declared. Bishnoi broke the ice with his arch-rival Sonali Phogat of the BJP, who lost to him in the 2019 assembly polls. The four-time MLA and two-time parliamentarian Bishnoi will visit the villages of the Adampur constituency till August 20.

  • Senior Congress leader Kiran Choudhry said she will reinvigorate the Congress by holding ‘khaat yatra’ across the state starting from Kurukshetra. (HT File Photo)

    Kiran Choudhry to start ‘khaat yatra’ from Kurukshetra

    Senior Congress leader and Tosham MLA Kiran Choudhry will launch Choudhry's 'khaat yatra' from Kurukshetra, starting from the first week of September. During her yatra, the former minister will hold 'tea meetings' with party workers across the state and has finalised her tours for seven districts. Her supporters told her to run 'parallel' campaigns to the Leader of Opposition Bhupinder Singh Hooda across the state and boost the morale of her workers.

  • Leader of opposition Partap Singh Bajwa.

    Theft of transformers: Bajwa seeks Punjab govt’s explanation

    Chandigarh : Leader of opposition Partap Singh Bajwa on Thursday demanded an explanation from the Punjab government for the theft of 12,000 transformers in 2020-21 that caused a loss of ₹52.51 crore in the five zones of Punjab State Power Corporation Limited. He said it appears that after a casual reaction to the theft and registration of an FIR, no steps are taken to go to the root cause of the problem.

  • Section of SAD leaders to meet on Aug 20 in Sangrur (ANI Photo)

    Section of SAD leaders to meet on Aug 20 in Sangrur

    Amid the turmoil created in the Shiromani Akali Dal following the recommendations of the Jhundan panel report and the subsequent dismantling of the party's organisational structure by its president Sukhbir Singh Badal, a section of SAD leaders are expected to meet in Sangrur on August 20 to discuss the “way forward for party's betterment.” The party leaders will meet on the day after a rally fixed to mark the barsi of Sant Harchand Singh Longowal.

  • Punjab Police have arrested three persons, including a Mansa-based scrap dealer, for fraudulently selling scrapped cars after tampering with their chassis numbers and getting them registered as legitimate vehicles, to customers in Punjab and other states.

    Three held for selling cars meant for scrap in Punjab

    Fatehgarh Sahib : Punjab Police have arrested three persons, including a Mansa-based scrap dealer, for fraudulently selling scrapped cars after tampering with their chassis numbers and getting them registered as legitimate vehicles, to customers in Punjab and other states. Puneet Trading Company owner Puneet Goyal is absconding and police teams have launched a hunt to arrest him, Deputy inspector general of police, Ropar range, Gurpreet Singh Bhullar said.

SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, August 19, 2022
Start 15 Days Free Trial Subscribe Now