Earlier this week, Manipal Health Enterprises revised its offer for Fortis Healthcare to Rs 6,322 crore.
They had also demanded the removal of four directors and the appointment of three of their nominees as independent directors.
In a filing to BSE, the board said that the two-member Expert Advisory Committee or EAC will only consider evaluating all binding bids - current /improvised / modified or new - received by the firm till 12:00 noon on May 01. Manipal-TPG consortium can revise their offer till May 06, 2018, the company said. She resigned a day before the committee was to table its report of recommendations to the board.
The EAC is constituted to make recommendations on the bids received to the company Board.
In addition, the healthcare major disclosed its plans to hold on May 22 an Extra-ordinary General Meeting (EGM) of its shareholders to approve a proposal by a minority shareholder's group to induct and remove certain Board members.
Espandere Advisors co-founder Suvalaxmi Chakraborty, JM Financial Services Singapore chairman Rajiv Rajagopal and Indrajit Banerjee, former president and CFO of Ranbaxy Laboratories, will now join the Fortis board as additional independent directors.
The board has also chose to hold an extraordinary general meeting of the company on May 22 at Air Force Auditorium, Delhi, at 10 am to consider the resolutions proposed by National Westminster Bank Plc as Trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd and East Bridge Capital Master Fund I Ltd, its shareholders, Fortis Healthcare said. "The reconstituted board discussed the way forward for a possible infusion of funds/restructuring of the company", it added. It continues to be advised by Cyril Amarchand Mangaldas as legal advisor and Standard Chartered Bank as the financial advisor, Fortis Healthcare said.