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Former board gets pass marks in Fortis's self-examination

The independent investigator looking into the alleged money-siphoning case at Fortis has stopped short of holding the former directors culpable. They were "forced" to accept dubious transactions, it says. But the argument may not hold under legal scrutiny.
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anujgupta
29 Jun 2018 4 Mins Read 0 comment
SHIVINDER SINGH (L) AND MALVINDER SINGH; VIVAN MEHRA/THE INDIA TODAY GROUP/GETTY IMAGES Getty Images
SHIVINDER SINGH (L) AND MALVINDER SINGH; VIVAN MEHRA/THE INDIA TODAY GROUP/GETTY IMAGES
On February 9, 2018, reports appeared in the media that the promoters of Fortis Healthcare had allegedly siphoned off about INR473 crore from the company. The money, reported as cash and cash equivalents in the balance sheet, was allegedly routed and placed under promoters Malvinder Singh and Shivinder Singh. Fortis's auditors, Deloitte Haskins & Sells LLP, refused to sign
2018. The company was put on sale, and bidders from India and abroad joined the race to acquire it. However, that process has taken its own bewildering course and is yet to see resolution. The drama around the board has thrown its own spanner in the works. (Disclaimer: The author of this piece holds one share in Fortis.)
On February 9, 2018, reports appeared in the media that the promoters of Fortis Healthcare had allegedly siphoned off about INR473 crore from the company. The money, reported as cash and cash equivalents in the balance sheet, was allegedly routed and placed under promoters Malvinder Singh and Shivinder Singh. Fortis's auditors, Deloitte Haskins & Sells LLP, refused to sign 2018. The company was put on sale, and bidders from India and abroad joined the race to acquire it. However, that process has taken its own bewildering course and is yet to see resolution. The drama around the board has thrown its own spanner in the works. (Disclaimer: The author of this piece holds one share in Fortis.)

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