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    Fortis delays release of financial results on account of internal investigation

    Fortis delays release of financial results on account of internal investigation

    Fortis delays release of financial results on account of internal investigation
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    By Sanjeeban Sarkar   IST (Updated)

    Hospital chain operator Fortis Healthcare on Monday deferred the release of its fourth quarter and full-year financial results to June 25 saying the report of the internal investigation report conducted by Luthra & Luthra Law Offices was made available only on June 8.
    "The completion of the audit and accounts will require additional time to consider the aspects of the report comprehensively in the financial accounts," Fortis said in an exchange filing.
    "The board at its meeting held today, decided to defer the approval of the quarterly and annual financial results for the period ended March 31, 2018. The date for the approval of the said accounts will be June 25, 2018," the company said in the statement.
    Fortis had deferred the release financial results for the period ended March 31, to June 11 to consider the conclusions of an internal investigation into the company's transactions.
    The troubled healthcare group is in the process of selecting an investor to solve its financial requirements.
    The new board of the company has initiated a fresh and time bound bidding process for the transaction. On May 29, 2018, Fortis invited old and new bidders to participate in the bidding process.Pursuant to an evaluation of expressions of interest and responses from earlier bidders, the board has shortlisted four bidders, Munjal-Burman, IHH Healthcare Berhand, Radiant Life Care, Manipal Health Enterprises and TPG Asia VI SF, which have been given 10 days for undertaking financial and legal due diligence of Fortis.
    The invitation seeks information from bidders on certain parameters and only unconditional binding offers can be submitted. Accordingly, June 14, 2018 has been designated as the last day for submitting the bids.
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