Fortis Healthcare’s founding promoters Malvinder Mohan Singh and Shivinder Mohan Singh have resigned as directors from the company's board following the Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo. The decision to distance from the board of the company was aimed at insulating the company from the promoters’ ongoing legal fight that was hurting the performance. The board will discuss the said matter in the meeting on February 13.
The Singh brothers, who together own 34 per cent stake in Fortis Healthcare, will continue to own their holding in the company as Supreme Court’s earlier order restrains them from selling any share. The resignation is intended to free the organisation from any encumbrances that may be linked to the promoters.
Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care specialty and hospitals, with a healthcare network spanning 9 countries.
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