At meeting held on 19 April 2018
The Board of Fortis Healthcare at its meeting held on 19 April 2018 expressed its gratitude to all the parties viz. IHH Healthcare Berhad, Fosun Health Holdings, Manipal /TPG consortium, and Hero Enterprise Investment Office and Burman Family Office for expressing their interest in the Company. The proposals made by each of the aforementioned, were, discussed in detail, and the Board:(A) approved the evaluation of binding offers, keeping in mind conformity and certainty. The Board also decided to establish an independent evaluation process for evaluating all binding proposals in connection with the infusion of funds in the Company / restructuring of the Company's business, in a fair, efficient and transparent manner keeping in mind the best interest of all stakeholders including the patients, shareholders and employees;
(B) approved the constitution of an expert advisory committee, to oversee the above mentioned evaluation process and function as an advisor to the Board in relation to the above. The committee is requested to provide a report of its recommendation to the Board, by 26 April 2018, and will be chaired by Deepak Kapoor, Former Chairman and CEO of Price Waterhouse Coopers, India. The Board is scheduled to meet on 26 April 2018 to decide the further course of action. Standard Chartered Bank, the Company's financial advisors has been directed to assist the expert advisory committee and the Board; and
(C) subject to the approval of the shareholders, approved the appointment of Rohit Bhasin as an Additional Director (Independent) of the Company with immediate effect for a period of five years.
Separately, the Board also took note of the requisition made by National Westminster Bank Plc as Trustee of Jupiter India Fund (as represented by Jupiter Asset Management Limited as duly authorized investment manager), East Bridge Capital Master Fund Ltd. and East Bridge Capital Master Fund I Ltd., shareholders of Company holding an aggregate of 12.04% of the paid up capital of the Company for calling of Extra-Ordinary General Meeting (EGM) of the Company seeking appointment of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee as Independent Directors of the Company and removal of Dr. Brian W. Tempest, Harpal Singh, Sabina Vaisoha and Lt. Gen. Tejinder Singh Shergill from directorship of the Company and directed the management to organize the EGM at the earliest possible post completion of all administrative formalities.
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