Fortis Healthcare's four directors, whose removal has been sought by two institutional shareholders, have denied allegations that they failed to maintain corporate governance and fairly represent interests of all shareholders. In a joint representation to shareholders, Brian W Tempest, Harpal Singh, Sabina Vaisoha and Tejinder S Shergill said the board had decided to consider only binding bids for Fortis, considering the immediate financing needs of the company. Manipal-TPG, Munjals-Burmans, IHH Healthcare and KKR-backed Radiant Life Care have given binding offers to acquire Fortis. Refuting allegations of not exercising their fiduciary duties, the board members said after media reports came out, and before the formal institution of an investigation by SEBI and other regulatory bodies, the audit committee of the board, initiated an independent enquiry by Luthra & Luthra Law Offices. A complete change of the entire board at this time will certainly add more turbulence and ambiguity for Fortis as well as the management, they claimed while asking the shareholders to take an informed decision while voting on the requisition by the two shareholders.

Source: dna May 09, 2018 10:07 UTC