Founders of Fortis Healthcare, Singh brothers resigned from the company's board on Thursday. A late night Bombay Stock Exchange (BSE) filing announced the stepping down of the promoters Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Fortis announced that Malvinder Singh resigned from his executive chairman role and Shivinder Singh stepped down as vice chairman. Their resignation from the Fortis board happens days after the Delhi High Court upheld an international arbitration case award of Rs. 3,500 crore to Japanese company Daiichi Sankyo against them. The brothers said they are resigning to ensure the company is insulated from this ongoing legal fight. Also, Singh brothers took at least Rs 473 crore out of the publicly-traded hospital company they control without board approval about a year ago. But now they released an official statement and said that the loan will be paid back by June this year. Fortis said the Rs 473 crore was deployed in secured short-term investments with companies as part of treasury operations only after it was alleged that Deloitte, the auditors of Fortis refused to sign the accounts of the second quarter of FY18. Singh brothers were also the founders of the pharmaceutical company Ranbaxy. They sold their stakes to a Japanese drugmaker for $2.4 billion in 2008. Shivinder Mohan Singh founded Fortis Healthcare with his elder brother Malvinder in the late 1990s.