Religare chairman steps down, CEO to take over

Financial services group Religare Enteprises Ltd today announced a top level management rejig with promoters -- incumbent Chairman Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh -- stepping down as members of the board.

The company said it has appointed Sunil Godwani as the Chairman and Managing Director, while Sachindra Nath will assume the role of CEO at Religare Enterprises Ltd (REL).

"Malvinder Mohan Singh, Chairman and Shivinder Mohan Singh, Director have announced their decision to step down from the board," the firm said.

While Malvinder will focus on global healthcare opportunities and will associate more closely with recently acquired Parkway Holdings in his capacity as Chairman, Shivinder is also relinquishing his position from the REL board to focus on making Fortis Healthcare a world class institute, it added.

The Singh family promoted Fortis Healthcare had last month acquired 23.9 per cent stake in Singapore-based Parkway Holdings Ltd, one of the largest healthcare service providers in Asia for $685.3 million (Rs 3,118 crore).

The deal was the largest acquisition made by an Indian healthcare services firm.

As part of the deal Fortis got four seats on the board of directors of Parkway. Malvinder, who is the group chairman of Fortis Healthcare, was envisaged to become chairman of the board of directors of Parkway.