Fortis Healthcare’s board acceded to a demand from minority shareholders by agreeing to immediately induct three of their nominees as additional independent directors.
National Westminster Bank Plc as trustee of Jupiter India Fund (as represented by Jupiter Asset Management Ltd. as duly authorised investment manager), East Bridge Capital Master Fund Ltd. and East Bridge Capital Master Fund I Ltd., who control a little more than 12% in Fortis, had sought the convening of an extraordinary general body meeting.
They had also demanded the removal of four directors and the appointment of three of their nominees as independent directors.
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They had suggested the induction of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee as independent directors. The Fortis board on Thursday decided to extend an invitation to all the three nominees to join the board immediately.
Adjourned to Friday
The board, which met to consider the recommendations of an expert panel set up to review binding bids for the cash-strapped healthcare company, adjourned the meeting till Friday.
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With Renuka Ramnath having quit the expert panel, the committee could not take a view on the bids. Consequently, the board meeting was adjourned, Fortis said in a regulatory filing.