May 23, 2018 / 9:18 AM / 2 years ago

India's Fortis investors oust fourth director

FILE PHOTO: A Fortis hospital building is pictured in Gurgaon, India, May 11, 2018. REUTERS/Saumya Khandelwal/File Photo

(Reuters) - Investors in India’s Fortis Healthcare Ltd (FOHE.NS) voted out a fourth director from the hospital operator’s board, it said on Wednesday, expressing displeasure over the company’s handling of offers of investment.

Cash-strapped Fortis has received proposals of investment or takeover from five domestic and international firms, attracted by a rise in private healthcare spending and a government plan to expand access to insurance in a country lacking adequate heath facilities.

Shareholders voted on Tuesday to remove Brian Tempest, as sought by East Bridge Capital and Jupiter India. The two investors, who together control about 12 percent of Fortis, said the four board members failed to exercise their fiduciary duties.

Reporting by Tanvi Mehta in BENGALURU and Zeba Siddiqui in MUMBAI; Editing by Christopher Cushing

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