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Fortis investors vote out fourth director after divisive investment decision

Shareholders of Fortis Healthcare Ltd. voted in favour of resolutions to remove Brian Tempest, the last of the four directors associated with the previous promoter group, and appoint three new board members at the extraordinary general meeting (EGM), the company informed. The other three directors, Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill had resigned before the EGM. About 58% of the total shareholders supported the resolution to remove Tempest. More than 65% voted in favour of the resolution to appoint Suvalaxmi Chakraborty, Ravi Rajagopal, and Indrajit Banerjee as independent directors. The voting out of the four directors can also have a bearing on who might take control of India’s second-largest hospital chain. Two institutional investors, East Bridge Capital Fund and Jupiter India Fund that own 12.04% in Fortis, had called the EGM yesterday to vote on seven resolutions.  

Read More at Bloomberg Quint News date : 23 May 2018, Wednesday

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