Business Daily from THE HINDU group of publications
Sunday, May 27, 2007
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Business Daily from THE HINDU group of publications Sunday, May 27, 2007 ePaper |
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Medical Institutions & Hospitals Corporate - Corporate Disputes Fortis, Trehan resolve differences, reach accord Our Bureau
DR NARESH TREHAN
New Delhi May 26 The week-long standoff between the management of Escorts Heart Institute and Research Centre (EHIRC) and its founder, Dr Naresh Trehan, has seemingly been resolved. The Ranbaxy-controlled Fortis Healthcare, which holds 90 per cent in the Delhi-based super-speciality hospital, and Dr Trehan expressed `regret' over the public display of differences in a joint statement issued here on Saturday. "As result of a misunderstanding, allegation and accusations were made that are now regretted by all. These allegations stand completely and unconditionally withdrawn," said the statement. Dr Trehan, who also owns the 10 per cent balance stake in EHIRC, will continue as its Executive Director, while Mr Shivinder Mohan Singh, CEO, Fortis, remains the Managing Director, it added. The announcement comes after the two parties told the Delhi High Court on Thursday that they were pursuing an out-of-court settlement.
The fallout
Earlier, on May 18, Dr Trehan was sacked as Executive Director by the Fortis management, after the two failed to reach an agreement on partnering in Dr Trehan's Rs 100-crore plus Medicity project that is to come up in Gurgaon. Fortis has also announced a similar medicity project of its own in Gurgaon. Fortis' acquisition of the hospital from Escorts' Chairman, Mr Rajan Nanda, is also under litigation. Mr Nanda's younger brother, Mr Anil Nanda, who has challenged the Rs 585-crore deal made in 2005, was instrumental in getting a stay order from the Delhi High Court against Dr Trehan's ouster last week.
Related Stories: More Stories on : Medical Institutions & Hospitals | Corporate Disputes
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