Fortis appoints advisory committee headed by Deepak Kapoor to evaluate binding offers

"In order to evaluate the binding offers, the advisory committee will, after due evaluation and post taking into account the independent view of Standard Chartered Bank, make a final recommendation to the Board by April 26, 2018," the statement added.

Fortis also said it has appointed Rohit Bhasin as director of the company with immediate effect

Fortis Board has received binding offers from Manipal/TPG consortium and Munjal and Burman family offices and has also received non-binding expression of interests from IHH Healthcare and Fosun Health Holdings.

“The Company has been facing hurdles that have precipitated and have caused uncertainty and ambiguity amongst all stakeholders," Fortis Board said in a statement.

"We firmly believe that it would be the responsibility of the Board to direct and guide the Company in a manner that brings conformity and certainty to the ongoing process," the Board statement added.

Several investor have voiced concern over whether the existing Board consisting members close to erstwhile promoters Singh brothers will be in a position to make a decision of such importance.

On Wednesday East Bridge and National Westminster Bank As Trustee Of The Jupiter India Fund that together hold 12.04 percent stake in the Fortis have issued special notice to the Fortis Board to remove all the directors.

Fortis said it's evaluating the special notice.

Proxy advisory firm IiAS has been suggesting a special committee to assist the Board in assessing the bid without waiting for changes to the board - that could take time.

“To evaluate bids, shareholders need more credence at the board-level: all four members of the current board have been associated with either the Fortis group, Religare group, or Ranbaxy for long tenures in the past,” IiAS report said.

IiAS said it believes the current board can get additional support in assessing the three bids and coming to a decision among the complex sets of pulls and pressures, without necessarily waiting for board expansion.

"As an alternate to expanding the board, the company must appoint a special committee to the board, that will advise the board on the sale. This committee should be tasked with evaluating the bids and structures, narrow in on the most suitable buyer and negotiate the final contours and terms with the chosen buyer," it added.