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Fortis, Naresh Trehan in settlement mode

Fortis, Naresh Trehan in settlement mode
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First Published: Thu, May 31 2007. 02 22 AM IST
Updated: Thu, May 31 2007. 02 22 AM IST
New Delhi: A week after the management of Fortis Healthcare Ltd, the country’s second-largest hospital chain, and Naresh Trehan, a surgeon-entrepreneur at one of its most important facilities fell out, a settlement seemed in sight late on Thursday with talks to hammer out details stretching late into the night.
The decision to settle differences—Fortis accuses Dr Trehan of focusing on a “MediCity” business project he is leading leaving little time for patients—came hours after a hearing in the Delhi high court on a case filed by a group of doctors close to Dr Trehan that a panel be appointed to run the Escorts Heart Institute and Research Centre.
The litigants said efforts were on for an amicable resolution of the dispute between the two sides outside court. The next hearing has been set for Tuesday.
Fortis director of strategy and organizational development Daljit Singh said, “The two parties have agreed to work on mutually agreeable terms of settlement.” A Fortis spokesman echoed the same stance. Both refused to give details and Fortis’ group managing director Shivinder M. Singh declined to comment.
When contacted, Trehan said his “lips were sealed,” but a source close to Fortis said that terms of the rapprochement would be finalized in a day or two.
The stand-off between the Fortis management and Dr Trehan,who holds 10% shares in the Escorts centre, began late last week when the surgeon was sacked from his position as its executive director along with his key aides. The controversy saw prices of the recently-listed Fortis shares drop 3.5%.
The scrip has shrunk 15.32% since 8 May when it listed on the Bombay Stock Excha-nge, closing at Rs91.45 on Thursday.
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First Published: Thu, May 31 2007. 02 22 AM IST
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