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While the new management of Fortis Healthcare (FHL) is about to take office after the Competition Commission of India (ICC) has cleared the merger with the company's Malaysian health care IHH Healthcare Berhad, FHL President and CEO, Bhavdeep Singh
Singh resigned Thursday for professional and personal reasons. However, he will continue to exercise his current duties until crystallization of his succession planning. Singh joined Fortis as CEO in July 2015. This was his second stay in the hospital chain as CEO. This is the second high-level resignation following the resignation of Gagandeep Singh Bedi, CEO of FHL, in August.
Announcing his decision to leave the company, Singh said, "I think the right time to make this transition is now. After two very difficult years, the company now has a stable platform and can look forward to the future with optimism. "
He explained that his role at Fortis did not allow him to spend time with his family." The reality is that the difficulties encountered within the company during the last two years have not allowed me to spend time with my family and that is something I have to do now. I am also pleased that the business recovery is well underway with solid improvements demonstrated in previous years. Second quarter results and October results reflecting the best performance of the past year. With turbulence behind us, activity is picking up momentum and IHH is about to take back the reins of Fortis as the majority shareholder in the coming years. ", did he declare.
In his previous interviews, Singh had indicated that the protests of the Fortis management regarding related party transactions (placed under the scanner of the market regulator) had been rejected. In October, the Indian Securities and Exchange Council (Sebi) asked Malvinder Singh, Shivinder Singh and eight other entities to jointly repay 4.03 billion rupees, with interest, to Fortis Healthcare in three months. Sebi found that Fortis Healthcare, through its subsidiary, issued B2B deposits to three companies in the amount of 4.73 billion rupees as of 2013-2014.
However, sources indicate that the resignation comes at a time when the control of the company's management is changing and that it is unlikely that the new promoters will have problems inherited from the previous management . . Singh was considered close to former promoters Malvinder and Shivinder Singh. The CEO of FHL, Arindam Haldar, who is responsible for the SRL division of SRL in the insurance sector, however, spent more time with the company.
READ ALSO: Fortis Healthcare's second-quarter net loss widened to Rs. 1.6 billion;
Fortis baderted that Singh had been instrumental in creating the required organizational and value creation capabilities through the measurement and reporting of clinical outcomes, as well as through In the defense of the cause of donation of organs and much more.
"During his tenure, Singh led several due diligence processes and a series of fundraising initiatives that elicited positive feedback from everyone who worked with him. He has spoken with internal and external partners, ensuring that there is no lack of guidance for the company during unprecedented times, "said Fortis.
Announcing this decision, Ravi Rajgopal, chairman of the board FHL administration, said: "He has been a mainstay at Fortis and has always led the way. He has always demonstrated a keen business sense, an exceptionally strong work ethic and a very strong commitment to building and maintaining strong interpersonal relationships, based on a solid foundation of trust. "
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