In a significant move, the board of Fortis Healthcare has decided to induct three nominees recommended by the minority shareholders to join the board as additional independent directors immediately.
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., who control a little over 12 per cent in Fortis, have requested for convening an extra-ordinary general body meeting. They have also demanded the removal of four directors and appointment of three of their nominees as independent directors. They have suggested the induction of Ms. Suvalaxmi Chakraborty, Mr. Ravi Rajagopal and Mr. Indrajit Banerjee as independent directors on the board.
The Fortis board, which met on Thursday, decided to extend an invitation to all these three to join the board immediately.
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The board, which met to consider the recommendation of an expert panel set up to vet the bids for Fortis, adjourned the meeting, which will now be reconvened on Friday (i.e April 27).
Since Renuka Ramnath, one of the members on the expert panel, resigned, the committee could not take a view on the bids on Wednesday. Consequently, the board meeting has been adjourned for Friday, a release said.