“In view of the ongoing discussions on the annual accounts, which requires further deliberation, the Board decided to adjourn the meeting to be re-convened on June 26, 2018,” the healthcare provider said.
Moneycontrol News
Fortis Healthcare, the beleaguered healthcare provider has once again postponed declaring Q4 and FY18 results by a day citing the need for “further deliberation.”
The company said the board will be reconvening on Tuesday to approve the accounts for FY18 and for the quarter ended March 31.
“The members of the Board deliberated upon the same and had a detailed discussion with the management, legal advisors and the statutory auditors,” Fortis said to stock exchanges.
“In view of the ongoing discussions on the annual accounts, which requires further deliberation, the Board decided to adjourn the meeting to be re-convened on June 26, 2018,” the healthcare provider said.
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The marathon board meeting that started at 4 pm on Monday went on till 2:15 am on Tuesday.
This will be third time Fortis board couldn’t get its accounts finalized. The Q4 and FY18 results were initially slated for May 30, but were later postponed to June 11, before getting deferred again.
The company postponed the financial results citing need for additional time to consider certain aspects of the Luthra & Luthra’s internal investigation report in its financial accounts.
Moneycontrol here earlier reported that Statutory auditor held up signing Fortis Q4 accounts for want of more information based on findings Luthra & Luthra’s investigation
Legal firm Luthra & Luthra was appointed by Fortis board in March to investigate if there were any breaches in company's internal control procedures in light of the former promoters taking out nearly Rs 473 crore.
Luthra & Luthra submitted its report to the board on June 8. Fortis' board did not disclose any details of the internal investigation report, but said it had shared the findings of Luthra & Luthra with the statutory auditors.
The delay in the release of accounts further escalate the speculation that there could be more skeletons in the closet than what’s been officially stated by the company.
Shares of Fortis dropped 0.44 percent and were trading at Rs 136.80 on BSE at 11.30 am, while the benchmark Sensex gained 0.23 percent to 35,556.61 points.