INSUBCONTINENT EXCLUSIVE:
Net loss for the year-ago quarter was 638 million rupees.Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn
international bidders, on Wednesday said loss for the March quarter ballooned to 9.32 billion rupees ($136.3 million) hurt by impairment
charges.Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and
write-offs were related to inter-corporate deposits and advances
Net loss for the year-ago quarter was 638 million rupees.Fortis detailed the findings of its internal investigation and said it was in the
process of taking "suitable legal measures" against former Executive Chairman Malvinder Singh to recover payments and company assets held by
him.Fortis has become the target of a bidding war by suitors seeking to get a share of a boom in India's private healthcare market
Its board is looking at bids from parties including Malaysia's IHH Healthcare Bhd and a consortium of Manipal Health Enterprises and
private equity firm TPG Capital.Despite the significant interest, no suitor has gone all out on the offer price mainly due to regulatory
investigations into allegations that Fortis' founders, Malvinder Singh and Shivinder Singh, siphoned off funds from the company
They quit as directors in February but have denied any wrongdoing.Fortis said it will appoint an external agency to investigate its internal
the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
