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Read more about Fortis Healthcare seeks 15-day extension to declare Q2, Q3 results on Business Standard. Fortis Healthcare, India\'s second-largest hospital chain, has sought a 15-day extension to declare earnings for the second and third quarter of the current financial year citing statutory auditors\' inability to complete the audit before the\n

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fortis healthcare seeks 15 day extension

Fortis Healthcare seeks 15-day extension to

declare Q2, Q3 results

Fortis Healthcare, India's second-largest hospital chain, has sought a 15-day

extension to declare earnings for the second and third quarter of the current

financial year citing statutory auditors' inability to complete the audit before the

stipulated board meeting.

The board of Fortis Healthcare was to consider financial results for July-

September and October-December 2017 quarters at its meeting today.

In a regulatory filing, the company said the meeting of the board of directors for

today will go as scheduled and would consider the resignation of promoters,

Malvinder Mohan Singh and Shivinder Mohan Singh from the board.

Bloomberg had last week reported that Fortis could not declare the second

quarter earnings within the stipulated 45- day period as its auditor, Deloitte

Haskins & Sells LLP, refused to sign off on the results until about Rs 500 crore that

Singh brothers took out from the company without board approval is accounted

for or returned.

called for an explanation by stock exchanges

Called for an explanation by stock exchanges, Fortis had on February 9 stated:

"Fortis Hospitals Ltd, a wholly-owned subsidiary of Fortis Healthcare Ltd, has

deployed funds in secured short-term investments with companies in the normal

course of treasury operations.

"These entities have become part of the promoter group due to a shareholding

change in those entities.

Subsequently, the same loans have been recognised as related party

transactions."

The loans amounting to Rs 473 crore are adequately secured and repayment has

since commenced, it added.

In the regulatory filing today, Fortis said it has paid a fine of Rs 65.98 lakh to stock

exchanges for "non-submission of un-audited financial results for the quarter

ended September 30, 2017."

Media reports, it said, had enhanced "the scope of limited review audit by the

statutory auditors for the quarters ended September 30, 2017, and December 31,

2017, which we also acknowledge and consider just and equitable in the interest

of governance and investors at large."

"While the normal audit process was going on smoothly, after the aforesaid news

items, our interaction with auditors indicates that the audit process may not

complete before the stipulated date of the board meeting," it said.

The board at its meeting today would discuss at length the resignation of

executive chairman Malvinder Mohan Singh and vice chairman Shivinder Mohan

Singh.

"The said resignations will reduce the strength of the board from 7 to 5 and a

discussion on this will also happen at the aforesaid meeting. This has created an

impact on the overall process of completion of the audit process," the filing said.

Fortis sought an extension for approving the financial results of the two quarters

till February 28.

The Singh brothers are also facing a lawsuit brought by New York-based private

equity firm Siguler Guff & Co, which accused them of "siphoning" money out of

another publicly- traded firm they control to help them manage their personal

debts, according to Bloomberg.

move past one of the company s most bruising

move past one of the company's most bruising public controversies.

Article By - Business Standard