Free Press Journal

Management panel to oversee Fortis, results on February 28


New Delhi : Fortis Healthcare on Tuesday said that it has accepted the resignations of its promoters and as an interim measure constituted a ‘Management Committee’ to oversee its functioning. According to a BSE filing, the company’s Board of Directors “on Tuesday accepted the resignations of Malvinder Mohan Singh, Executive Chairman and Shivinder Mohan Singh Non-Executive Vice Chairman with effect from February 8, 2018”. “The board acknowledged and placed on record their support and contribution in making Fortis a par excellence healthcare delivery service provider,” the BSE filing said. “The board, as an interim measure, has constituted a management committee to oversee the functioning of the company from a strategic and operational guidance perspective and vested with the management committee all the responsibilities and authorities of executive chairman and non-executive vice chairman.” Further, the company said that it will come out with the un-audited financial results for the quarters ended September 30, 2017 and December 31, 2017 on February 28, 2018. It had earlier requested the stock exchanges for extending the timelines for holding board meeting for approval of the results which could not be tabled on Tuesday during its board meeting and “… therefore the results were not considered and approved”. “The board decided to hold the board meeting for approval of the financial results for the quarters ended September 30, 2017 and December 31, 2017 on February 28, 2018. Meanwhile, Fortis said it has entered into definitive agreements with Singh Brothers-promoted RHT Health Trust (RHT) to acquire entire portfolio of assets of the Singapore-listed entity for an enterprise value of Rs 4,650 crore.

The definitive agreement to acquire all the securities of clinical establishments and businesses indirectly held by RHT follows the approval of Fortis’ board in November last year fora major restructuring aimed at consolidating the entire Indian asset portfolio, the company said in a BSE filing.