Fortis to disclose EGM outcome on Wednesday

New Delhi, May 22 (IANS) Fortis Healthcare will disclose the outcome of its Extraordinary General Meeting (EGM) on Wednesday, a company spokesman said.

The EGM, which was held on Tuesday, sought shareholders approval on a resolution filed by a minority shareholders’ group to induct and remove certain Board members among other clearances.

The resolution sought Fortis’ shareholders approval to replace Brian W. Tempest, Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill from the company’s Board.

However, Non-Executive Director Harpal Singh and Non-Executive Independent Directors Shergill and Vaisoha resigned on Sunday due to personal reasons.

On May 9, the Directors in a representative note told the company’s shareholders that changing the composition of FHL’s Board at this juncture will add to more “turbulence and ambiguity” for the firm.

Besides, the resignation comes after the Board on May 10 decided to recommend the offer of the Munjal-Burman consortium for sale of its business to the shareholders for their approval.

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