New twist in Fortis fight: Renuka Ramnath resigns from panel reviewing offers

Multiples Equity founder Renuka Ramnath submitted her resignation from the expert advisory committee “due to her pre-occupation.”

Prabha Raghavan | ET Bureau
Advt.

A member of the external expert committee set up by the Fortis board to review offers for the company has resigned a day before the committee was to table its report of recommendations to the board. The reasons for this resignation are not clear at this point in time.

Multiples Equity founder Renuka Ramnath submitted her resignation from the expert advisory committee “due to her pre-occupation,” Fortis Healthcare told the Bombay Stock Exchange late on Wednesday.

“The same will be tabled before the board at the scheduled meeting on April 26, 2018 for their consideration and vacancy so caused shall be filled, by the board of directors, with a person of eminent repute,” Fortis stated.

Ramnath, who was the former MD and CEO of ICICI Venture, was to be part of a three member committee chaired by former PwC India CEO Deepak Kapoor. Lalit Bhasin, President, Society of Indian Law Firms and managing partner at Bhasin & Co is the third member of this committee.

The advisory panel was expected to review binding offers submitted by Manipal-TPG, Hero Enterprise Investment Office-Burman Family Office, IHH Healthcare Bhd and Radiant Life Care-KKR by April 25.

The committee’s recommendations would not be binding in nature but the Fortis board was expected to use this report to decide its further course of action in closing a deal.

While Fortis stated it received Ramnath’s resignation on April 25, it is not clear whether she had submitted her resignation on that date.

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