The BSE Healthcare index gained 6.28 percent in the past week, while the benchmark Sensex increased 0.42 percent
Fortis had approved the demerger of SRL in August 2016 to unlock value of the diagnostic business and focus on its core hospital business
Fortis' board did not disclose any details of the internal investigation report, but said it had shared the findings of Luthra & Luthra with the statutory auditor.
Fortis' board did not disclose any details of the internal investigation report, but said it had shared the findings of Luthra & Luthra with the statutory auditors
The healthcare provider also added that the unpaid vendors' bills have accumulated over normal course of business and will be "cleared as soon as possible" in an appropriate manner
Fortis board shortlisted four interested parties Munjal-Burmans, IHH Healthcare, Manipal-TPG and Radiant Life Care to participate in the bidding process.
Following due diligence, the bidders will have to submit bids by June 14
Rajagopal was nominee of minority shareholders East Bridge Capital and and Jupiter India Fund.
Fortis' Q2 and Q3 earnings were reported together after getting delayed several times as the statutory auditor refused to sign the accounts.
As part of the due diligence, Fortis will give access to data room comprising information related finances, litigation and update on pending investigation
Fortis said Escort Heart Institute & Research Centre (EHIRCL) had received an order dated June 9, 2016, from Directorate General of Health Services (DGHS) for the recovery of Rs 503.36 crore on account of unwarranted profit allegedly made by it by not complying with the conditions of allotment letter/lease deed.
The chances of the Munjal-Burman’s bid getting shareholders’ nod almost became zilch after four directors backing the duo's offer exited last week under pressure from minority shareholders.
'Shareholders have signalled what they expect and how the board should now behave. The board has no option but to listen,' IiAs said in its report.
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 was called by Fortis minority shareholders East Bridge Capital and Jupiter India Fund in April to remove the directors on allegation that the Board failed to be fair to all shareholders.
The executive added that Yes Bank also wants a “reasonable” time of at least 5-7 days for the due diligence to be permitted to all the bidders and whatever is the best value that can be derived from the bids with must be taken.
Its previous offer made towards the end of April expired on May 15.
The EGM was called after minority shareholders East Bridge Capital and Jupiter India Fund moved a special resolution in April to remove the four members from the board
The Fortis board had recommended Munjal-Burmans bid last week for shareholder approval
“Yes, chances are high that we may vote against the decision,” the person representing the shareholder said.
Sunil Munjal-led Hero Enterprise and Dabur's Anand Burman and Mohit Burman have jointly offered to invest Rs 1,800 crore in Fortis Healthcare, upfront.
Now, the Munjal-Burman offer will have to get shareholders' nod. Fortis said the shareholder meeting is expected in the next 30-45 days
“I don't believe that the Board has taken a right decision in the best interests of shareholders,” said Pai.
The open letter comes just a day ahead of the crucial board meeting to decide on the fate of binding bids
Munjal-Burman said if their proposal is accepted, they will immediately infuse Rs 1,050 crore upfront, valuing the company at over Rs 9,000 crores.