Photo: Ramesh Pathania/MintNew Delhi: Four directors of Fortis Healthcare Ltd facing potential removal at an upcoming shareholders’ meeting wrote to shareholders on Wednesday to let them stay on, since “a complete change of the entire board” will add “turbulence and ambiguity”. An expert advisory committee set up by the Fortis board to evaluate bids for a potential sale of the company meets on 10 May. Then, the current board will recommend the suitable suitor to the shareholders. “Minority shareholders like us have lost confidence in the suitability, bona fides or independence of the current members of the board and therefore are seeking their removal,” stated the requisition cited by the board members in their joint statement. IHH Healthcare is seeking information related to investigations of Fortis Healthcare by India’s fraud watchdog and stock market regulator.

Source: Mint May 09, 2018 16:30 UTC