Fortis defers financial results again, board meeting today1 min read . Updated: 26 Jun 2018, 01:57 PM IST
Fortis Healthcare board has again deferred approval of quarterly and annual financial results, saying the issue requires more deliberation
New Delhi: Newly-appointed board of Fortis Healthcare Ltd, which is in the process of finding an investor, has again deferred approval of quarterly and annual financial results for the period ended 31 March, saying the issue requires more deliberation. The board, which met on 25 June for considering results, will reconvene on Tuesday.
“This is to inform that the board of directors of the company held a meeting on June 25, 2018, for considering the standalone and consolidated annual accounts for 2017-18 along with the financial results for the quarter and period ended March 31, 2018. The members of the board deliberated upon the same and had a detailed discussion with the management, legal advisors and the statutory auditors," Fortis said in a regulatory filing.
It further said in view of the ongoing discussions on the annual accounts, which requires further deliberation, the board decided to adjourn the meeting to be reconvened today. Fortis said the board meeting commenced at 1600 hours on June 25 and was adjourned at 0215 hours on 26 June.
On 11 June, Fortis board deferred approval of quarterly and annual financial results to 25 June saying more time was needed to consider the aspects of outcome of an internal investigation on alleged financial irregularities. On 30 May as well, the board had deferred approval of the results to 11 June citing ongoing deliberations of the conclusions arising from the internal investigation.
The healthcare chain, which is in the process of finding a buyer, had appointed a law firm in March to investigate allegations of fund diversion from Fortis by former promoters Singh brothers.
The Securities and Exchange Board of India (Sebi) is also investigating the matter related to alleged lapses at Fortis and Religare Enterprises. Apart from Sebi, the Serious Fraud Investigation Office (SFIO) has also initiated a probe into the alleged financial irregularities at the two companies.
The probes were initiated against the backdrop of reports that Fortis promoters Malvinder Singh and Shivinder Singh took at least $78 million out of the company without any board approval about a year ago.