Billionaire Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh, who are founders of Fortis Healthcare submitted their joint resignation to the Board of directors yesterday. Late last night at the Bombay Stock Exchange (BSE) filing, they announced that they will be stepping down as its promoters.
They said "...we believe this is in the interest of propriety and good governance. It is intended to free the organization from any encumbrances whatsoever that may be linked to the Promoters," implying that the decision was taken insulate the company from their ongoing legal fight.
Their resignation from the Fortis board comes days after an international arbitration case against them with the Japanese company Daiichi Sankyo at the Delhi High Court.