Fortis: Why are four directors installed by Singhs still hanging around?

The four directors' joint note saying they're working in the best interests of all shareholders rings hollow

Fortis Healthcare Ltd. has to admit a new owner to keep the lights on. Before it does, though, India’s second-largest hospital chain must write four of its board members a discharge slip.

The country’s serious fraud office and the stock-market regulator are investigating Fortis even as it tries to sell itself to one of five serious suitors, which include Malaysian, Chinese and homegrown Indian buyers, as well as American private equity.

The founders of Fortis helped themselves to at least $76 million of the company’s cash, Bloomberg News reported in February. By the end of this month, Fortis is legally required to