Fortis Board receives 'Binding Bids'
Mumbai, July 3: Fortis Healthcare (FHL) on Tuesday said that its Board has received "Binding Bids" from suitors under the new transaction process.
"The 'Binding Bids' will be evaluated by the Board of Directors of the company in consultation with its advisors," FHL said in a BSE filing on Tuesday.
On June 29, FHL had extended the deadline for submission of binding bids to July 3.
FHL had earlier said that it will consider the bids of four suitors -- Hero Enterprise Investment Office and Burman Family Office, IHH Healthcare Berhand, Radiant Life Care and TPG Asia and Manipal Health Enterprises -- in the new transaction process.
The earlier date of bid submission was June 28.
On its part, IHH in a filing to Bursa Malaysia informed that it has on Tuesday "issued a letter to the Board of Fortis setting out a binding offer, which supersedes and replaces the Enhanced Revised Proposal".
"The 'Binding Offer Letter' represents IHH's only binding offer. Legal obligations and agreement between IHH and Fortis will be created only after the Board of Fortis approves the preferential allotment in terms of the share subscription agreement to be executed between Fortis and IHH or the nominee of IHH."
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ED arrests Punjab minister Sanjeev Arora in fresh PMLA case
New Delhi/Chandigarh (PTI): The Enforcement Directorate on Saturday arrested Punjab industries minister Sanjeev Arora in a fresh money laundering case against him and some entities allegedly linked to him, officials said.
Arora was taken into custody under the Prevention of Money Laundering Act (PMLA) after raids were conducted at his official residence in Chandigarh since early morning, they added.
Officials claimed Arora (62) was "non-cooperative" during the probe. He is expected to be produced before a local court on Saturday, where the agency will seek his custody for a detailed interrogation.
The ED carried out the searches at five premises across north India as part of the action.
The raids also covered two premises in Delhi and that of a company named Hampton Sky Realty Ltd in Gurugram's Udyog Vihar.
The searches were launched after the central agency registered a fresh case under the criminal sections of the Prevention of Money Laundering Act (PMLA), the officials said.
