Fortis still retains quorum as the Companies Act allows a minimum of two directors to conduct Board meet, but any further resignations may impede the Board to transact business.
Motilal Oswal is bullish on Fortis Healthcare has recommended Buy rating on the stock with a target price of Rs 185 in its research report dated March 01, 2018.
In a regulatory filing, Fortis Healthcare said, "Yes Bank has acquired 8,97,81,906 equity shares having nominal value of Rs 10 per share of the company pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank."
This isn’t the first time that TPG is in news for Fortis acquisition, the PE investor was on and off the deal table for Fortis buyout for at least three times in last three years.
Fortis Healthcare today said it will hire an external legal firm to carry out investigation into alleged siphoning of cash by the firm's promoters, Malvinder Singh and Shivinder Singh.
The company also reported its September quarter net loss at Rs 23.61 crore after it had sought a 15-day extension to declare earnings for the second and third quarter of the current financial year citing statutory auditors' inability to complete the audit before the stipulated board meeting.
Analysts say Fortis is fast reaching a point of make or break. Only a deep pocketed strategic investor could salvage the company.
In a regulatory filing, Fortis Healthcare said that nearly 1.54 crore pledged shares of the company, accounting for 2.98 per cent stake in the company, have been invoked on February 17, 2018.
Derive Investments has bought 26.5 lakh equity shares of the company at Rs 144.5 per share through block deals on Monday, as per bulk deal data on the National Stock Exchange.
The Nifty50 is likely to open lower on Tuesday tracking weak global cues and a muted trend seen in other Asian markets.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Union Bank of India and Syndicate Bank and can buy Escorts.
A bench headed by presiding officer GVK Raju passed the interim direction on an application by Yes Bank seeking recovery of Rs 569.64 crore loan given to Oscar Investment Ltd. for which Singh was a guarantor
SEBI has asked to furnish information and documents as mentioned therein by February 26, 2018, it said.
Investors of Fortis had to sit through a roller coaster ride as the company’s stock reacted sharply to the news flow.
With apex court’s decision, the Singh brothers have almost exhausted their legal options in India to block the arbitration award payment
The Supreme Court’s order allows lenders to sell shares pledged by the Singh brothers – clearing one of the major hurdles blocking the possible sale of the company.
Diversified financial services firm Religare Enterprises said Malvinder Mohan Singh and Shivinder Mohan Singh have resigned from the company's board with effect from Wednesday.
Care Ratings lowered Fortis ratings on loans worth Rs 853 crore citing concerns over liquidity position after a disclosure by the company about advances extended to the Singh brothers.
The board of Fortis Healthcare was to consider financial results for July-September and October-December 2017 quarters at its meeting today.
The rating agency said that the repayment of the said instruments by these entities has already commenced but considerable amount is still outstanding, and the timing and quantum of recovery of the same cannot be “ascertained”.
Fortis Healthcare was issued notices by the stock exchanges yesterday following a media report claiming that the company's promoters, the Singh bothers, took at least USD 78 million (about Rs 500 crore at current exchange rate) out of the publicly-traded hospital company they control without board approval about a year ago.
Sources told Moneycontrol that stock exchanges may soon issue notices to audit committee to find out if there is any digression with respect to related party transactions.
More skeletons have stumbled on Friday, as Bloomberg reported that Singh brothers have taken USD 78 million out of the firm. The company said that Singh brothers are said to be working to pay back the money. The report also said audit firm Deloitte has refused to certify company’s Q2 results.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Axis Bank and ICICI Bank and can buy Hindustan Zinc.
The specialist hospitals chain informed exchanges that Mr Malvinder Mohan Singh, Executive Chairman and Dr Shivinder Mohan Singh, Non-Executive Vice Chairman have tendered their resignation from the directorships of the company.