'Management Committee' to oversee Fortis Healthcare, results on Feb 28

Fortis Healthcare on Tuesday said that it has accepted the resignations of its promoters and as an interim measure constituted a "Management Committee" to oversee its functioning.

According to a BSE filing, the company's Board of Directors "today accepted the resignations of Mr Malvinder Mohan Singh, Executive Chairman and Dr Shivinder Mohan Singh Non-Executive Vice Chairman with effect from February 8, 2018".

"The board acknowledged and placed on record their support and contribution in making Fortis a par excellence healthcare delivery service provider," the BSE filing said.

"The board, as an interim measure, has constituted a management committee to oversee the functioning of the company from a strategic and operational guidance perspective and vested with the management committee all the responsibilities and authorities of executive chairman and non-executive vice chairman."

On February 9, the promoters of Fortis Healthcare had resigned from the company's board days after the Delhi High Court upheld an international arbitral award of Rs 3,500 crore to Daiichi Sankyo against the former promoters of Ranbaxy Laboratories.

Further on Tuesday, the company said that it will come out with the un-audited financial results for the quarters ended September 30, 2017 and December 31, 2017 on February 28, 2018.

It had earlier requested the stock exchanges for extending the timelines for holding board meeting for approval of the results which could not be tabled on Tuesday during its board meeting and "... therefore the results were not considered and approved".

"The board decided to hold the board meeting for approval of the financial results for the quarters ended September 30, 2017 and December 31, 2017 on February 28, 2018.

Accordingly, the trading window will continue to remain Closed till March 2, 2018," the filing said.

--IANS

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