Fortis Healthcare: A Repeat of Satyam?

Bengaluru-based InGovern Research Services Pvt Ltd, says, “The issue of transferring funds to a wholly owned subsidiary which in turns lends to promoter entities, in order to skirt the shareholder approval requirement, seems to be a blatant fraud. Much like the Satyam cash, the cash and cash equivalents on the books of the company seem to be non-existent. The company’s subsidiary has conveniently given the loans to related parties without seeking shareholder approval and regulatory filings.”