Issues revolve around the organization. Fortis Healthcare was issued notices by the stock exchanges yesterday following a media report claiming that the company’s promoters , the Singh bothers , took at least $78 million (about Rs 500 crore at current exchange rate) out of the publicly-traded hospital company they control without board approval about a year ago.
The company, which earlier on Thursday announced that its promoters Malvinder Mohan Singh and Shivinder Mohan Singh have quit the board , also said the loans are adequately secured and repayment has since commenced as per agreed payment schedule.
Amid all these developments, the company’s stock price zoomed by nearly 18 per cent yesterday following another unconfirmed media report about a possible merger of Fortis Healthcare with Malabar Hospital.
Earlier on Thursday , the company had informed stock exchanges that the Singh brothers had resigned as directors from the company’s board following a Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo.
Individually , Malvinder Mohan Singh and Shivinder Mohan Singh held 11,508 shares each in Fortis Healthcare Ltd as on December 31, 2017 out of total 51,86,17,631 shares of the company.
Religare and Fortis have the same promoter groups.Sebi said that problems to be resolved soon.