Cash-strapped Fortis has received proposals of investment or takeover from five firms.
Investors in Fortis Healthcare Ltd voted out a fourth director from the hospital operator's board, it said on Wednesday, expressing displeasure over the company's handling of offers of investment.Cash-strapped Fortis has received proposals of investment or takeover from five domestic and international firms, attracted by a rise in private healthcare spending and a government plan to expand access to insurance in a country lacking adequate heath facilities.Shareholders voted on Tuesday to remove Brian Tempest, as sought by East Bridge Capital and Jupiter India.
The two investors, who together control about 12 per cent of Fortis, said the four board members failed to exercise their fiduciary duties.
Thomson Reuters 2018(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)