Fortis defers announcement of Q4, annual financial results to June 11

New Delhi: Fortis Healthcare on Wednesday said the board meeting scheduled to consider Q4 results and financial year ended 31 March 2018, has been deferred to 11 June.

The company said it is currently deliberating on the conclusions of an internal investigation on the alleged financial irregularities in the company. The board of the cash-strapped firm, which on Tuesday initiated a fresh time-bound bidding process for its sale, was scheduled to meet on Wednesday to consider and approve the annual financial results for 2017-18.

“It is hereby informed that the board meeting scheduled today, to inter alia, consider and approve the audited financial results for the quarter and financial year ended 31 March 2018 stands deferred to Monday, 11 June 2018,” Fortis Healthcare said in a regulatory filing.

This is a result of ongoing deliberations of the conclusions arising from the internal investigation, it added. The healthcare chain had appointed a law firm in March to investigate allegations of fund diversion from Fortis Healthcare by former promoters Malvinder and Shivinder Singh.

Capital markets regulator SEBI is also investigating the matter related to alleged lapses at Fortis Healthcare and Religare Enterprises. Apart from Sebi, the Serious Fraud Investigation Office (SFIO) has also initiated a probe into the alleged financial irregularities at the two companies.

The investigations were initiated by the agencies against the backdrop of reports that Fortis Healthcare promoters Malvinder Singh and Shivinder Singh took at least $78 million out of the company without any board approval about a year ago