“Need Time to Resolve Issues”: Fortis’ Malvinder & Shivinder Singh
The Singh brothers said they needed time to resolve “complex” issues that India’s second largest hospital chain faces.
The Singh brothers said they needed time to resolve “complex” issues that India’s second largest hospital chain faces.(Photo Courtesy: BloombergQuint)

“Need Time to Resolve Issues”: Fortis’ Malvinder & Shivinder Singh

The Singh brothers – Malvinder and Shivinder – accused of siphoning off funds from Fortis Healthcare Ltd, on Thursday, 22 February, said they needed time to resolve “complex” issues that India’s second largest hospital chain is facing.

We wish to say that given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities.
Malvinder Singh and Shivinder Singh, in a joint press statement.

The founders sought time from stakeholders to present facts that will allow for a balanced view in the case given the complexity of the issue. The founders of the hospital company assured they will address the issues with responsibility, and “will not shy away from any and all processes, questions, clarifications that need to be addressed”, and will cooperate to ensure the “truth comes forth”.

The government has ordered the Serious Fraud Investigation Office to inquire into reports of alleged siphoning of cash at Fortis Healthcare and Religare Enterprises Ltd. by the Singh brothers. In an exchange filing, Fortis Healthcare said they have been asked to submit certain information and documents to the Registrar of Companies for Punjab and Chandigarh by 3 March. The letter by the RoC doesn’t refer to financial implication or penalty.

Meanwhile, NSE said all existing F&O contracts will expire on 28 March, and no fresh contracts will be available if the firm fails to submit results for quarters ended September and December 2017 by 1 March.

The Delhi-based Fortis Healthcare has sought a 15-day extension to declare earnings citing statutory auditors' inability to complete the audit before the stipulated board meeting.

(This article was first published on BloombergQuint)

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