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Corporate governance

Is Fortis going the Satyam way?

At least two proxy advisory firms, Ingovern and Institutional Investor Advisory Services, think so.
Ali Rizvi/Wikimedia Commons
Ali Rizvi/Wikimedia Commons
There have been lingering concerns and complaints about funds having moved out of Fortis. And there are discussions about a possible merger that will give its troubled assets a new lease of life. Amid this, some people have begun to wonder if the top brass at Fortis Healthcare is riding an invisible tiger a la Ramalinga Raju? Is Fortis
lenses over its puzzling account books. Meanwhile in a late-night announcement, Fortis said Jupiter, a minority shareholder, has moved a notice calling for an EGM to remove the current board. While this further queers the pitch, shareholders need to understand the credentials of the fund and the people it seeks to appoint as directors before arriving at a decision.
There have been lingering concerns and complaints about funds having moved out of Fortis. And there are discussions about a possible merger that will give its troubled assets a new lease of life. Amid this, some people have begun to wonder if the top brass at Fortis Healthcare is riding an invisible tiger a la Ramalinga Raju? Is Fortis lenses over its puzzling account books. Meanwhile in a late-night announcement, Fortis said Jupiter, a minority shareholder, has moved a notice calling for an EGM to remove the current board. While this further queers the pitch, shareholders need to understand the credentials of the fund and the people it seeks to appoint as directors before arriving at a decision.

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