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Fortis Healthcare released audited financial results for the quarter ended March of the last fiscal and fiscal year 2017-2018. Compared to the unaudited figures released on June 27, there is no change in the results audited for the quarter and the last 18 years. In unaudited figures, the troubled health care company announced a widening of the consolidated net loss to 914.32 million rupees for the month of March. during the third quarter of fiscal 2011, due to ongoing business challenges, provisions and impairment. He had posted a net loss of Rs 37.52 crore in the period there is the year.
"The audited financial statements were released after the completion of the additional review of certain internal processes that were undertaken at the request of the Board of Directors," said Fortis in a file filed with the BSE.
As expected, there was no change in the figures presented in the audited financial statements compared to the unaudited results announced on June 27. We touched upon an important goal that we had set for ourselves, as a reconstituted board of directors composed of independent directors, in the context of recent developments, "said Ravi Rajagopal, chairman of the board of directors. administration of Fortis Healthcare
. He added that in the future, the focus will be on strengthening governance and transparency and restoring the health of the company.
"We are also evaluating the bids received on July 3, 018 and will present our recommendation to shareholders in the coming days," he said.
Consolidated operating profit is Rs. 1,086.38 million for the quarter. He was Rs 1,123.43 crore for the same period a year ago, said Fortis. For the whole of 2017-18, the company recorded a net loss of Rs 934.42 crore. He reported a profit of Rs 479.29 crore in 2016-17, he added. The consolidated operating result was set at Rs 4,560.81 million in 2017-2018 compared with Rs 4,573.71 million the previous year.
Fortis also evaluates the firm offers it has received for the health activity. Two new binding bids, from IHH Healthcare and Manipal-TPG Malaysia, were submitted on July 3rd. Two contenders, Radiant Life Care and Munjal-Burman, backed by KKR, withdrew from the race for the cash-strapped healthcare chain. The Fortis Board of Directors has decided to appoint an Expert Advisory Committee (ABC) and an additional financial advisor to evaluate all firm bids, the company said in a regulatory filing.
Fort Fortis Board unbale to determine whether there has been fraud & # 39;
Meanwhile, independent auditor Fortis Healthcare, Deloitte Haskins & Sells LLP today said that the board of directors of Fortis Healthcare are currently unable to determine whether fraud has occurred on the society.
"At this point, the board of directors of the company are unable to determine whether a fraud has been committed on the company with respect to matters covered in the investigation by the firm external legal …, "the auditor said in his report.
the limitations of the information available to the external law firm and their qualifications and disclaimers as described in the investigation report, he added.
Fortis Healthcare had previously said that reg reg The Sebi ultimatum ordered a legal audit in the company's case, which admitted systemic failures by granting loans of Rs 494.14 crore to controlled firms by former promoters – Malvinder and Shivinder Singh
. He said he took legal action to recover business-to-business deposits (DICs) granted to the three companies after an external investigation revealed "systemic failures and controls" in the loan granted.
The loans were granted without the approval of the Council and enough collateral, he said.
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