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May, 29 2018

Fortis subsidiary EHIRCL directed to pay Rs 503 cr to DGHS within a month

At present, Fortis is in the process of inducting new investor to the company. There were five suitors in the race for Fortis Healthare out of which only four made binding bids.

India’s second-leading healthcare chain, Fortis Healthcare has stated that its subsidiary Escort Heart Institute & Research Centre has been directed to deposit Rs 503.36 crore to Director General of Health Services within a month on account of unwarranted profit.

Fortis said Escort Heart Institute & Research Centre (EHIRCL) had received an order dated June 9, 2016, from Directorate General of Health Services (DGHS) for the recovery of Rs 503.36 crore on account of unwarranted profit allegedly made by it by not complying with the conditions of allotment letter/lease deed.

"A writ petition was filed by EHIRCL before Hon'ble High Court of Delhi challenging the order...subsequently Delhi High Court set aside the demand of Rs 503.36 crore and the matter was remanded to the Special Committee for hearing," Fortis said in a regulatory filing.

It further said, "EHIRCL has informed that the Office of the Special Committee vides order dated May 28, 2018, has directed it to deposit an amount of Rs 503.36 crore in the account of the Delhi Government in favour of Director General of Health Services within a month of receiving this order".

Fortis said EHIRCL is in the process of evaluating available legal recourse as may be advised in this regard.

At present, Fortis is in the process of inducting new investor to the company. There were five suitors in the race for Fortis Healthcare out of which only four made binding bids.

Besides Munjals-Burmans, Manipal -TPG and IHH Healthcare, KKR-backed Radiant Life Care had also put in bidding offer.

China's Fosun Healthcare but did not make a binding bid for the Fortis.

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