Singh brothers, Malvinder & Shivinder, step drop from Fortis Healthcare Board

Fortis Healthcare promoters Malvinder Mohan Singh & Shivinder Mohan Singh have stepped drop from the Inc.'s Board of Directors. too, Malvinder Singh quit as executive chairman of Fortis Healthcare, Shivinder Singh as non-executive vice chairman. "This is to inform you which Malvinder Mohan Singh, Executive Chairman & Shivinder Mohan Singh, Non-Executive Vice Chairman have tendered their resignation from the directorships of the Inc.. The board of Fortis Healthcare is slated discuss the matter on February 13. It is intended to toll free the Administration from any encumbrance whatsoever which perhaps be related to the promoters," Singh brothers said in a letter to the Fortis' Board of Directors.

Fortis Healthcare promoters Malvinder, Shivinder Singh quit from board

Shivinder Mohan Singh (L) & Malvinder Mohan Singh have jointly tendered their resignation to the board of Fortis Healthcare, that going to discuss it in the meeting on 13 February. File picture: HTNew Delhi: Malvinder Mohan Singh, executive chairman & Shivinder Mohan Singh, non-executive vice-chairman of Fortis healthcare quit from their posts on Thursday. According to people aware of matter, the Singh brothers can have found a buyer for Fortis healthcare that would infuse money Extremely that they can pay off the lenders. The tribunal had directed the Singh brothers to pay about Rs2,563 crore in damages, plus interest of four.44% per year from seven November 2008 to the date of the award. safely, the Singh brothers were too soon accused of "diversion, siphoning & digression of assets" with a N.Y.-based Businessman in a grievance filed in the high court of law of Delhi, Bloomberg break news had announced.

Malvinder Singh & Shivinder Singh quit from Fortis Healthcare board

according to Malvinder Mohan Singh & Shivinder Mohan Singh, the founding promoters of Fortis Healthcare , have quit as directors from the Inc.'s board next the Delhi High court of law order upholding the Republika Srpska three,500-crore arbitral award in favour of Daiichi Sankyo.The decision to distance from the board of the Inc. was aimed at insulating the Inc. from the promoters' ongoing legal battle which was hurting the performance, said Shivinder Mohan Singh. Banks were finding it difficult to associate by the Inc. & even to expand working capital loan, he added. "Malvinder Mohan Singh, executive chairman & Shivinder Mohan Singh, nonexecutive vice-chairman, have tendered their resignation from the directorships of the Inc.," Fortis Healthcare said in a filing to the BSE.The Singh brothers, who together own 34 per cent stake in Fortis Healthcare, going to still to own their holding in the Inc. as Supreme court of law's earlier order restrains them from selling any share, Shivinder Mohan Singh said. "In light of the recent high court of law judgement upholding the plea of Daiichi Sankyo to enforce the arbitration award, we believe this is in the interest of propriety & perfect governance. Sun Pharmaceuticals later acquired the Inc. from Daiichi.

collected by :Lucy William