NCLT Chandigarh allows Fortis to withdraw SRL demerger scheme

The National Company Law Tribunal bench in Chandigarh has allowed Fortis Healthcare to withdraw its scheme to demerge SRL diagnostics from the group and merge it with its step down subsidiary, the company told stock exchanges on Friday.

Fortis wanted to withdraw the composite scheme of arrangement and amalgamation between the group, Fortis Malar Hospitals and SRL due to reasons beyond the its control and its recently launched fresh bidding process for a deal.

The process was to take 6-8 months but has taken over 19 months and is still not complete, the company told BSE on Thursday.