New Delhi: Fortis Healthcare Ltd on Tuesday said that its subsidiary Escort Heart Institute and Research Centre (EHIRCL) has been directed to deposit Rs503.36 crore to Director General of Health Services (DGHS) within a month on account of unwarranted profit.
Fortis said that EHIRCL had received an order dated 9 June 2016 from DGHS for the recovery of Rs503.36 crore on account of unwarranted profit allegedly made by it by not complying with the conditions of allotment letter/lease deed.
“A writ petition was filed by EHIRCL before Hon’ble High Court of Delhi challenging the order...subsequently Delhi High Court set aside the demand of Rs503.36 crore and the matter was remanded to the Special Committee for hearing," Fortis said in a regulatory filing.
It further said “EHIRCL has informed that the Office of the Special Committee vide order dated 28 May 2018 has directed it to deposit an amount of ₹ 503.36 crore in the account of the Delhi Government in favour of Director General of Health Services within a month of receiving this order".
Fortis said EHIRCL is in the process of evaluating available legal recourse as may be advised in this regard.
At present, Fortis is in the process of inducting new investor to the company. There were five suitors in the race for Fortis Healthare out of which only four made binding bids.
Besides Munjals-Burmans, Manipatl -TPG and IHH Healthcare, KKR-backed Radiant Life Care had also put in bidding offer. China’s Fosun Healthcare but did not make a binding bid for the Fortis.
At 11.38am, Fortis shares were down 1.025 to Rs144.95 per share on BSE.