IHH extends validity of its 'Enhanced Revised offer' for Fortis till June 30
Mumbai, May 25: Fortis Healthcare (FHL) on Friday said that Malaysia's IHH Healthcare Berhad has extended the validity of its "Enhanced Revised Offer" to invest in the company.
As per a BSE filing, FHL said that its Board has received a letter from IHH for extending the acceptance period for its offer to June 30 from the earlier date of May 29. IHH has proposed to invest directly into the company at Rs 175 per share cost.
"In order to enable the reconstituted Board to fully consider and evaluate our proposal, we now extend the acceptance period of the enhanced revised IHH proposal..." IHH Healthcare Berhad's Managing Director and Group CEO Tan See Leng said in the letter to the Fortis Board.
The development comes just after a consortium of Manipal-TPG had extended the validity of its "modified" new offer till June 6 from the earlier date of May 29.
"We understand that the FHL board is still in the process of considering the modified new offer... in order to provide FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer...," the Manipal Global Health Services said in a letter to the company's Board.
On May 14, the Manipal-TPG consortium had received the "modified" new offer which proposed to values the company at Rs 9,403 crore at a share price of Rs 180 per share.
However, the company's Board on May 10 decided to recommend the offer of the Munjal-Burman consortium for sale of its business to the shareholders for their approval.
Fortis' board had received offers from suitors such as Hero Enterprise Investment Office, Burman Family Office, Fosun Health Holdings, Malaysia's IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.
In addition, the validity extension of IHH's offer comes as the healthcare major's shareholders voted Director Brian W. Tempest out from the company's Board at the Extraordinary General Meeting (EGM) held on Tuesday. The EGM had sought shareholders approval on a resolution filed by a minority shareholders' group to induct and remove certain Board members among other clearances.
The resolution had sought shareholders approval to replace Tempest, Non-Executive Director Harpal Singh, and Non-Executive Independent Directors Sabina Vaisoha and Tejinder Singh Shergill from the Board.
Harpal Singh, Shergill, and Vaisoha resigned on Sunday citing personal reasons.
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LoP Ashoka targets CM govt over corruption, says being 'shameless' in public life not forgivable
Bengaluru (PTI): Targeting Chief Minister Siddaramaiah and the Congress government in Karnataka on corruption, BJP leader R Ashoka on Friday said, being foolish was forgivable, but being "shameless" in public life was not.
The Leader of Opposition in the state Assembly claimed that in just 30 months of its tenure, the Congress administration has broken every previous record on corruption-related controversies.
He was responding to Siddaramaiah's post on 'X' on Thursday hitting back at the BJP, stating that Upa Lokayukta Justice Veerappa's claims of "63 per cent corruption" were based on his report in November 2019, when BJP's B S Yediyurappa was the CM.
"But Ashoka, without understanding the Upa Lokayukta's statement properly, has ended up tying the BJP's own bells of sins onto our heads and has effectively shot himself in the foot," the CM had said, as he accused Ashoka of foolishness for trying to twist Veerappa's statement to target the current government.
Responding, Ashoka said, "it is one thing to be called foolish in politics, that can be forgiven."
"But in public life, especially in the Chief Minister's chair, one must never become shameless," Ashoka posted on 'X' on Friday addressing Siddaramaiah.
Noting that the CM himself had admitted on the floor of the Assembly that a Rs 87 crore scam took place in the Valmiki Development Corporation, he said that when a CM acknowledges such a massive irregularity inside the floor of the House, the natural expectation is immediate action and accountability.
"But instead of taking responsibility, you continue in office as if nothing has happened. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
Pointing out that the CM's Economic Advisor and senior Congress MLA Basavaraja Rayareddy had publicly stated that under Congress rule, Karnataka has become No.1 in corruption, Ashoka said, "Yet, you still cling to the Chief Minister's chair without a moment of introspection. What should the people of Karnataka call this, if not sheer shamelessness."
Senior Congress MLA C R Patil had exposed the "money for House" racket in the Housing Department and even warned that the government would collapse if the details he has were made public, Ashoka said.
"Despite such serious allegations from within your own party (Congress), you neither initiated an inquiry nor acted against the concerned minister. What should the people of Karnataka call this, if not sheer shamelessness," Ashoka asked the CM.
Highlighting the "40 percent commission" allegation Congress made against the previous BJP government, the opposition leader said, the commission that the Siddaramaiah government appointed concluded that the accusation was baseless.
"After your own panel demolished your own claim, what moral right do you have to continue repeating that allegation. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
For the last two and a half years, Karnataka has been 'drowning' in corruption, scandals, irregularities and allegations across departments. Ashoka said, "If I begin listing every case that emerged under your government, even 24 hours would not be enough."
"And the most tragic aspect of your administration is this: the unbearable pressure, corruption demands and administrative harassment under your government pushed several officers and contractors into extreme distress - including the suicide of Chandrasekharan which exposed the Valmiki Development Corporation scam - a sign of how deeply broken the system has become under your watch," he said.
Instead of fixing this hopeless environment, the government has tried to bury every complaint and silence every voice, he charged.
"Being foolish is forgivable, but being shameless in public life is definitely not."
"When your own ministers admit scams, when your own advisors certify Karnataka as No.1 in corruption, and when your own MLAs expose rackets inside your departments - clinging to power without accountability is not leadership. It is shamelessness in its purest form." PTI KSU
Earlier on Thursday Ashoka had demanded that the corruption case and allegations in the state against the Congress government be handed over to a CBI investigation, citing a reported statement by Upalokaykta Justice Veerappa alleging "63 per cent corruption", following which Siddaramaiah hit back at the BJP leader.
