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Board Matters

The Fortis board: directors or directed?

The board is in disarray, but even among the shambles the former promoters’ hand is hard to miss.
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anujgupta
22 May 2018 5 Mins Read 0 comment
Shivinder Mohan Singh (L) and Malvinder Mohan Singh, ex-promoters, Fortis Healthcare; Ramesh Sharma/India Today Group/Getty Images Getty Images
Shivinder Mohan Singh (L) and Malvinder Mohan Singh, ex-promoters, Fortis Healthcare; Ramesh Sharma/India Today Group/Getty Images
Later today, amid the fracas around the hospital chain's acquisition by the Munjal-Burman combine, Fortis Healthcare shareholders are supposed to meet for an extraordinary general meeting. The agenda: decide the fate of a set of board members who have lost the faith of minority shareholders, allegedly because of the way they pushed through the acquisition. But clearly, this wasn’t
and discussions so far and reveal any personal conflict of interest. “This is specifically important in a case like this, when the regulatory authorities are already probing alleged siphoning/diversion of funds, etc.” says Jacob. What can one expect from today’s EGM? ‘Justice’ for the shareholders or more drama? Don’t bet against the latter. ( Graphic by Hemal Sheth.)
Later today, amid the fracas around the hospital chain's acquisition by the Munjal-Burman combine, Fortis Healthcare shareholders are supposed to meet for an extraordinary general meeting. The agenda: decide the fate of a set of board members who have lost the faith of minority shareholders, allegedly because of the way they pushed through the acquisition. But clearly, this wasn’t and discussions so far and reveal any personal conflict of interest. “This is specifically important in a case like this, when the regulatory authorities are already probing alleged siphoning/diversion of funds, etc.” says Jacob. What can one expect from today’s EGM? ‘Justice’ for the shareholders or more drama? Don’t bet against the latter. ( Graphic by Hemal Sheth.)

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