Page 5 - Fortis Healthcare

Fortis Board unable to determine if fraud has occurred, says auditor

Independent auditor of the Fortis Healthcare, Deloitte Haskins & Sells LLP today said the Board of Fortis Healthcare are unable at present to determine whether a fraud has occurred on the company. "At this juncture the Board of Directors of the company are unable to make a determination on whether a fraud has occurred on the company in respect of the matters covered in the investigation by the external legal firm...," the auditor said in its report. This is considering the limitations on the information available to the external legal firm and their qualifications and disclaimers as described in the investigation report, it added. Fortis Healthcare had earlier said that markets regulator Sebi has ordered a forensic audit in the matter of the company, which has admitted to systemic lapses in giving Rs 494.14 crore loans to firms controlled by erstwhile promoters -- Malvinder and Shivinder Singh. The company, on June 27, had said that it had initiated legal action to recover the ...

No change in audited results, strengthening governance: Fortis Healthcare

For 2017-18, the company posted a net loss of Rs 9.34 billion

Fortis Healthcare denies granting brand ownership to Dehradun firm

Participation Finance took RHC Holding-the promoter group holding company-along with Fortis and other related parties to the court

IHH, TPG-backed Manipal Health Enterprises in last lap for Fortis buy

Munjal-Burman, KKR-backed Radiant exit the race

Munjal-Burman backs out from Fortis bidding; IHH, Manipal-TPG in fray

While Malaysia's IHH Healthcare stated that it has put in binding bid, sources said Manipal-TPG combine have also put in their bid

Fortis Healthcare management charts recovery plan amid financial crisis

The silver lining is that despite losses, the consolidated Ebitda for the full year grew 7.4 per cent to Rs 3.89 billion

Fortis Healthcare management defers date for submission of bids to July 3

Four bidders are expected to submit their bids - Sunil Munjal-Anand Burman combine, Manipal Group-TPG consortium, IHH Healthcare and Radiant Life Care

Fortis Healthcare initiates recovery of funds from Singh brothers

Probe reveals lapses in loans given to entities linked to Malvinder-Shivinder

Bids for Fortis may be revised downwards after ownership controversy

Four bidders are expected to submit their bids - Sunil Munjal-Anand Burman combine, Manipal Group-TPG consortium, IHH Healthcare, and Radiant Life Care

Fortis probe finds systemic lapses, to recover Rs 5 bn from Singh brothers

Fortis Hospitals had deployed funds to the tune of Rs 4.73 billion as secured short-term investments to group firms of its promoters

Fortis Healthcare Q4 loss widens to Rs 9.3 bn, firm starts recovery process

The company has started the process of recovering payments made to Malvinder Singh as per his letter of appointment as lead for strategic initiatives

Fortis Q4 loss widens to Rs 9.32 bn on impairment charges amid bidding war

Net loss for the year-ago quarter was Rs 638 million

Singh brothers demand dues write-off in lieu of Fortis brand

The rights to the 'Fortis' name and logo are owned by RHCHPL, a promoter group company. FHL uses the name and logo under an exclusive licence for the health care delivery business.

Malvinder Singh's contract under Fortis Healthcare board scanner

While Singh has tendered his resignation as a director of the board, he continues to be an employee of Fortis, and is thus entitled to receive the Rs 120 million per annum remuneration

NCLT allows Fortis to withdraw 'arrangement and amalgamation' scheme

FHL informed BSE in a filing, that its board has decided to withdraw the 'arrangement and amalgamation between the company, Fortis Malar Hospitals, SRL and their respective shareholders and creditors

Fortis scraps SRL, Fortis Malar merger scheme citing headwinds in sector

The scheme is currently pending for approval with the National Company Law Tribunal (NCLT), Chandigarh bench

Fortis Healthcare appoints Ravi Rajagopal as chairman, shortlists 4 bidders

All the four selected entities had participated in previous investment process.

Ravi Rajagopal appointed Fortis chairman amid flurry of exits, bidding war

Earlier this week, cash-strapped Fortis Healthcare initiated a fresh time-bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine

Fortis subsidiary fined Rs 5 bn over failure to treat 25% patients for free

Fortis Healthcare today said its subsidiary Escort Heart Institute & Research Centre has been directed to deposit Rs 503.36 crore to Director General of Health Services within a month on account of unwarranted profit. Fortis said Escort Heart Institute & Research Centre (EHIRCL) had received an order dated June 9, 2016, from Directorate General of Health Services (DGHS) for the recovery of Rs 503.36 crore on account of unwarranted profit allegedly made by it by not complying with the conditions of allotment letter/lease deed. "A writ petition was filed by EHIRCL before Hon'ble High Court of Delhi challenging the order...subsequently Delhi High Court set aside the demand of Rs 503.36 crore and the matter was remanded to the Special Committee for hearing," Fortis said in a regulatory filing. It further said "EHIRCL has informed that the Office of the Special Committee vide order dated May 28, 2018, has directed it to deposit an amount of Rs 503.36 crore in the account of the ...

Munjal-Burman group agrees to re-open bidding, Fortis board undecided

In a letter to the board of directors, Munjals-Burmans combine expressed "deep anguish and regret"