|The Company was incorporated on April 13, 1989 as a private limited company with an intention of setting up a 100 bed hospital. The scope of the project was enhanced to increase the number of beds by 150 beds to 250 beds. The Company has been operating at near 100% capacity since its commercial operation of the first phase of the project,comprising of 100 beds. The Company has been averaging a daily income of Rs.1 70,000. The average daily operating profits (profits before interest, depreciation and tax) is Rs.65,000. The past performance of the Company is as given below.
Period ending 31.3.93 31.3.94 31.3.95*
(Rs. in lacs)
Total No. of Beds 100 100 100
Occupation 90% 95% 100%
Income 273.41 500.30 673.28
Operating Profit 4.83 83.84 108.83
Interest 297.25 228.37 213.00
Depreciation 75.67 98.12 120.00
Net Profit/Loss (388.09) (242.65) (224.17)
The Company has not provided for penal interest and liquidated damages amounting to Rs. 55.14 lacs. The same has not been provided since the interest arrears on which the penal interest has been calculated has been converted into term loans and the Company has hence contested the
charging of the penal interest and liquadated damages.
-Malar Hospitals Ltd has informed about the sad and sudden demise of Dr. S. Ramamurthy, Chairman & Managing Director (CMD) of the company on January 12, 2004.
-Malar Hospitals Ltd has appointed Mr. Sanjay Jayavarthanavelu as an Additional Director of the Company w.e.f. July 31, 2008.
-Company has changed its name from Malar Hospitals Ltd. to Fortis Malar Hospitals Ltd.
- The Company has taken over the Operations and Management of the 100 bedded East Coast Hospitals Ltd. in Pondicherry.
- The company appointed Dr. Lloyd Nazareth as an Additional Director on the Board of Fortis Malar Hospitals Limited.
- Fortis Malar acquires Oasis Hospitals cardiac centre.
- Mr. Ashish Bhatia has been inducted as Non-executive Director on the Board of Fortis Malar Hospitals Limited.
- Mr. Raghunath P. has been appointed as the Financial Controller of the Company.
- The company appointed Dr. Preetinder Singh Joshi as an Independent, Non-Executive Director.
- The company appointed Mr. Sandeep Puri as Non-executive Director.
-Board of Directors of the Company has appointed Mr. L. T. Nanwani, as an additional Director (non-executive and independent).
-Board of Directors of the Company has appointed Mr. Sumit Goel as the Company Secretary and designated as Key Managerial Personnel of the Company.
-Board of Directors of the Company has approved Constitution of Corporate Social Responsibility Committee (CSR Committee) of the Board of Directors.
-Fortis Malar Hospitals Ltd shifted the Registered Office of the Company from the State of Tamil Nadu to the National capital Territory of Delhi.
-Fortis Malar Performs IndiaÂs youngest paedetric heart transplant.
-Fortis Malar Hospitals Shifted Registered Office to Fortis Hospital, Sector 62, Phase - VIII, Mohali, Punjab - 160062.