Fortis defers board meeting to consider financial results

Fortis Healthcare today said the board meeting scheduled to consider financial results for fourth quarter and financial year ended March 31, 2018, has been deferred to June 11.

The company said it is currently deliberating on the conclusions of an internal investigation on the alleged financial irregularities in the company.

The board of the cash strapped firm, which yesterday initiated a fresh time-bound bidding process for its sale, was scheduled to meet today to consider and approve the annual financial results for 2017-18.

"It is hereby informed that the board meeting scheduled today, to inter-alia, consider and approve the audited financial results for the quarter and financial year ended March 31, 2018 stands deferred to Monday, June 11, 2018," Fortis Healthcare said in a regulatory filing.

This is a result of ongoing deliberations of the conclusions arising from the internal investigation, it added.

The healthcare chain had appointed a law firm in March to investigate allegations of fund diversion from Fortis Healthcare by former promoters.

Markets regulator Sebi is also investigating the matter related to alleged lapses at Fortis Healthcare and Religare Enterprises. Apart from Sebi, the Serious Fraud Investigation Office (SFIO) has also initiated a probe into the alleged financial irregularities at the two companies.

The investigations were initiated by the agencies against the backdrop of reports that Fortis Healthcare promoters Malvinder Singh and Shivinder Singh took at least USD 78 million out of the company without any board approval about a year ago.

Fortis shares were trading 0.97 per cent up at Rs 145.25 on the BSE.