An extraordinary general meeting of the shareholders of cash-strapped Fortis Healthcare was held at Air force Auditorium this morning to vote on a call for removal of four directors given by two institutional investors.
Three directors -- Lt Gen Tejinder Singh Shergill, Harpal Singh and Sabina Vaisoha -- out of the four, have already resigned and only Brian Tempest continued to be on the board at the time of voting.
According to people aware of the proceedings, Tempest read out the agenda before the proceedings.
The outcome of the voting is awaited.
While seeking removal of the four directors, National Westminster Bank Plc as trustee of Jupiter India Fund and East Bridge Capital Master Fund, had also sought appointment of Suvalaxmi Chakraborty, Ravi Rajagopal and lndrajit Banerjee to the company's board as new independent directors.
The two institutional investors, which together hold 12.04 per cent stake in Fortis Healthcare, had demanded removal of the four directors last month alleging that they failed to work in the interest of all shareholders, particularly in their handling of the hospital chain's proposed sale.
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The board of Fortis on May 10 in a 5-3 decision opted to go with the offer from Munjal-Burmans combine, which offered to invest Rs 1,800 crore.
There were five suitors in the race for Fortis, including TPG-Manipal combine, Malaysia's IHH Healthcare and KKR-backed Radiant Life Care, which gave binding offers.
China's Fosun Healthcare did not make a binding bid for the company.