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Fortis left with three directors on Board after one more director resigns

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Fortis Healthcare, India’s second largest healthcare provider on Thursday informed stock exchanges that Pradeep Ratilal Raniga, Non-Executive Independent Director has resigned from the company’s Board.

The company said Raniga resigned due to personal reasons primarily increase in other work commitments in Australia and other parts of the world.

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With Raniga’s resignation – Fortis Board is left with three directors that include Harpal Singh and Brian W Tempest. Tejinder Singh Shergill has been appointed as the Additional Director. Shergill’s appointment will have to be ratified in the next AGM.

Fortis still retains quorum as the Companies Act allows a minimum of two directors to conduct Board meet, but any further resignations may impede the Board to transact business.

Raniga exit follows a spate of resignations of independent directors from the Board of the embattled hospital chain.

Two other independent directors that include Preetinder Singh Joshi and Joji Sekhon Gill have resigned earlier this month.

Earlier promoter directors Malvinder Singh and Shivinder Singh resigned from the Board last month saying they took the decision to insulate the company from the promoters’ ongoing legal fight that was hurting the performance.

Trouble at Fortis started in January after Delhi High Court allowed Japanese pharma firm Daiichi Sankyo to collect Rs 3,500 crore ($500 million) award money from the Singh brothers.

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