Fortis to announce outcome of shareholders' vote on removal of 4 directors on May 23

Fortis Healthcare  | In the September quarter, Rakesh Junjhunwala held a 2.65 percent holding in the stock, and FIIs have increased its stake to 41.04 percent from 40.98 percent in the June quarter. In FY21 so far the stock price has risen 0 percent to Rs 125.70 as on October 26.

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26 Aug, 2025 12:21

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Moneycontrol News
Fortis Healthcare will May 23 announce the outcome of its extraordinary general meeting (EGM) held a day earlier to clear two resolutions.

One of the resolution pertains to the removal of four directors - Brian Tempest, Harpal Singh, Sabina Vaisoha and Tejinder Shergill, while the other was related to ratifying the three directors Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee nominated by minority shareholders.

Three board members Singh, Vaisoha, and Shergill have already submitted resignations citing personal reasons. The voting will decide on Tempest's removal.

The EGM was called by Fortis minority shareholders East Bridge Capital and Jupiter India Fund in April to remove the directors on an allegation that the Board failed to be fair to all shareholders.

The EGM which has begun at 10 am in Delhi concluded in less than 30 minutes, as most shareholders cast their votes using an electronic voting system.

“The outcomes of voting will be notified to stock exchanges tomorrow (May 23), as the counting process hasn’t been completed,” said Fortis spokesperson.

The EGM assumes significance as any change in the composition of the board may result in the re-examination of the entire bidding process.
The re-look seems a step prompted by the resignation of three directors who backed the Munjal-Burmans offer.

Amit Tandon, Managing Director of proxy advisory firm IiAS that recommended supporting resolutions of East Bridge Capital on the removal of the four directors said he is waiting for the outcome.

Shares of Fortis declined 2.32 percent to close at Rs 145.05 on BSE, while the benchmark Sensex gained 0.10 percent to end 34,651.24 points.