RHT Health Trust seeks to suspend EGM for winding up process

The Indian Supreme Court said the $895.55m disposal of RHT’s portfolio, which is part of the winding up, violated its orders.

RHT Health Trust’s trustee-manager is seeking to adjourn an upcoming extraordinary general meeting (EGM) on 3 December that will have the shareholders approve the company’s voluntary winding up, according to an announcement.

“It would be in the interests of Unitholders to consider the adjournment of the EGM for the Voluntary Winding Up until such date and time when the Trustee-Manager is able to make an informed decision as to whether and how the proposed Voluntary Winding Up may be proceeded with,” the trust said. RHT’s legal counsel then advised the trust not to proceed with the voluntary winding up.

On 15 November, The Supreme Court of India has issued a judgement stating some transactions, including the disposal of RHT’s asset portfolio to Fortis on 15 January, are a wilful disobedience of the court’s orders and that Fortis’ founders are guilty of contempt of court.

Previously, as part of its winding up, RHT agreed to sell its 12 clinical establishments, 4 greenfield clinical establishments, and 2 operating hospitals in India for $895.55m.

The disposal was approved by independent unitholders at the EGM of RHT on 26 September 2018, with Fortis and its associates having abstained from voting on the ordinary resolution relating to the disposal.

RHT Health Trust also suspended share trading in light of the announcements.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia