Fortis left with three directors on Board after one more director resigns

作者:Josephine    發表日期:2018-07-18 12:59:14

Fortis Healthcare, India's second largest healthcare provider on Thursday informed stock exchanges that Pradeep Ratilal Raniga, Non-Executive Independent Director has resigned from the company's Board.

The company said Raniga resigned due to personal reasons primarily increase in other work commitments in Australia and other parts of the world.

With Raniga's resignation - Fortis Board is left with three directors that include Harpal Singh and Brian W Tempest. Tejinder Singh Shergill has been appointed as the Additional Director. Shergill's appointment will have to be ratified in the next AGM.

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Fortis still retains quorum as the Companies Act allows a minimum of two directors to conduct Board meet, but any further resignations may impede the Board to transact business.

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Raniga exit follows a spate of resignations of independent directors from the Board of the embattled hospital chain.

Two other independent directors that include Preetinder Singh Joshi and Joji Sekhon Gill have resigned earlier this month.

While Joshi's resignation was attributed to poor health, Gill tendered her resignation due to her occupation related responsibilities.

Earlier promoter directors Malvinder Singh and Shivinder Singh resigned from the Board last month saying they took the decision to insulate the company from the promoters' ongoing legal fight that was hurting the performance.

Trouble at Fortis started in January after Delhi High Court allowed Japanese pharma firm Daiichi Sankyo to collect Rs 3,500 crore ($500 million) award money from the Singh brothers.

A Singaporean tribunal had adjudged in favour of Daiichi that the Singh brothers had concealed information about Ranbaxy regulatory problems with US FDA, while selling its shares.

Fortis is also under investigation by SEBI and Registrar of Companies for possible violation of corporate laws after the company said its promoters took out USD 78 million out of the firm through questionable inter-corporate deposits.

"The resignation of independent directors doesn't absolve them from liability of any act of commission and omission by the company," said Amit Tandon, Managing Director of IiAS, a Mumbai-based institution investor advisory services firm to Moneycontrol.

In a separate filing to stock exchanges Fortis said it has received Delhi High Court orders that prohibit Singh brothers and their holding companies from making any transfer of equity shares or non-convertible redeemable preference shares (NCRPS) or optionally convertible debentures or from receiving payment of dividends.

The court also prohibited the company from permitting any such transfer or making such payment.

Singh brothers shareholding in the company is now drastically down to 0.77 percent, from 34.40 per cent earlier this year as lenders invoked the pledged shares.

Yes Bank is the largest shareholder in the company with around 17 percent stake.

本文來源:https://www.moneycontrol.com/news/business/companies/fortis-left-with-three-directors-on-board-after-one-more-director-resigns-2534355.html

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