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Fortis Healthcare Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

“1. A matter regarding one of the subsidiaries‘ land under leasehold arrangement with the Delhi Development Authority is pending in appeals at various stages, the eventual outcome of which cannot be estimated presently. Also, the liability as an outcome of a Public Interest Litigation (PIL) decided by the high Court remains unascertained due to procedural delays in constitution of a special committee. Therefore, the Auditors are unable to express an opinion at this stage in respect of these matters.

2. Certain tax demands aggregating to Rs 20,600 lacs (net of demands raised twice in respect of certain years) raised on one of the, subsidiaries by the Income tax authorities are pending in appeals and the eventual outcome of the above matters cannot presently be estimated. The Auditors are unable to express an opinion at this stage in respect of these matters.”

Tags: Fortis Healthcare

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