Doing whatever it takes to resolve Fortis’ issues: Singh siblings

Our Bureau New Delhi | Updated on February 22, 2018 Published on February 22, 2018

Malvinder Mohan Singh (right) and Shivinder Mohan Singh

Trouble-hit Fortis Group’s Malvinder Singh and Shivinder Singh have issued a statement saying they intended to address the issues facing the company with responsibility and sincerity.

“We wish to say that given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities.”.

The promoters had allegedly taken out ₹473 crore without mandatory shareholder approval. Shareholder advisory firm InGovern said it was the action on part of the brothers was a possible violation of Indian Accounting Standards and Section 186 of the Companies Act, 2013.

Earlier this month, the duo, promoters of Fortis Healthcare, had quit the company’s Board after a Delhi High Court order upholding a ₹3,500-crore arbitral award in favour of Daiichi Sankyo. Less than a week later, the two resigned from Religare Enterprises, removing them board of any listed companies.

Published on February 22, 2018
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