Fortis takeover saga: Shareholders vote out fourth director

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It seems cup of woes for cash-strapped Fortis healthcare Limited has yet not over. In a latest development, Brian Tempest, one of the directors of Fortis Healthcare was removed as shareholders of the company voted against him at company’s extraordinary general meeting (EGM) held on May 22.

Tempest was among the four directors of healthcare chain whose removals were sought by two institutional investors, the Fortis healthcare said in a statement.

Three directors, Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill had already resigned before EGM meeting.

Above mentioned four directors were among five who had supported Munjals-Burmans’ Rs 1,800 crore bid for the healthcare firm.

On May 10, the board of Fortis had made an announced stating that it will go by Munjals-Burmans’ offer.

The board went against the recommendations of financial advisers Arpwood Capital and Standard Chartered who favoured bids by Malaysias IHH Healthcare and Manipal-TPG.

In a regulatory filing, Fortis said the resolution for removal of Tempest as director of the company was passed with requisite majority with 87.91 per cent votes in favour.

Tempest has been a long time associate of the erstwhile promoters of Fortis Healthcare, the Singh brothers through their earlier business Ranbaxy, which they later sold to Japan’s Daiichi Sankyo.

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