Fortis Healthcare zooms 24% on Singh brothers resignation from directorships

Fortis Healthcare shares rallied more than 24 percent intraday Friday after resignation from Singh brothers from the directorships of the company.

The specialist hospitals chain informed exchanges that Mr Malvinder Mohan Singh, Executive Chairman and Dr Shivinder Mohan Singh, Non-Executive Vice Chairman have tendered their resignation from the directorships of the company.

The board of directors of the company has decided to discuss the matter of resignation in detail at its meeting scheduled on February 13, 2018.

“In light of the recent High Court judgement, upholding the plea of Daiichi Sankyo to enforce the arbitration award, we believe this (resignation) is in the interest of propriety and good governance. It is intended to free the organisation from any encumbrances whatsoever that may be linked to the promoters,” Malvinder Singh and Shivinder Singh said in a letter to board of directors.

They further said the members of the board were also requested to look into all inter-group transactions and distance the promoter group from Fortis Healthcare in a manner that enables continuity of the operations of organisation and deliver on its mission of enriching and saving lives.

At 10:48 hours IST, the stock price was quoting at Rs 140.15, up Rs 14.05, or 11.14 percent on the BSE.moneycontrol


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