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| Exchange Received Time 01/08/2018 20:43:45 Exchange Disseminated Time 01/08/2018 20:43:52 Time Taken 00:00:07 | This is with reference to your mail dated today and the recent news item which appeared in Mint on August 01, 2018, captioned 'Fortis CEO, CFO cleared loans to Singh brothers companies.'
In this regard, we would like to inform you that the news item especially its heading is misleading and hereby state that the allegations of Senior and Key Management personnel having consented in giving out the ICDs to related parties is not correct
As per the investigation undertaken by Luthra & Luthra Law Offices, objections were raised by the key management personnel (including CEO and CFO) in relation to the ICDs, but were overruled by the erstwhile Executive Chairman.
Further, the matter of ICD was discussed with the audit committee members on several occasions.
Separately, Mr Malvinder Singh was the Chairman of Treasury Committee and not Mr Jasbir Grewal as reported in the news story. |
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