Fortis Healthcare overhaul demand: Directors warn of turbulence
Minority shareholders - National Westminster Bank Plc as Trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd and East Bridge Capital Master Fund I Ltd had sought the removal of directors after the initial offer inked with Manipal Health Enterprises (MHE)-TPG Capital, which they said undervalued Fortis. The shareholders were also against excluding the non-binding offers and have demanded an extraordinary general meeting (EGM), which will now be held on May 22.
Fortis Healthcare directors came out with a statement justifying their decisions and stating that their removal will only lead to “more turbulence and ambiguity” in the company’s functioning. Image source: company website