Fortis scraps SRL-Fortis Malar merger scheme

New Delhi: Fortis Healthcare has said it is withdrawing the scheme of amalgamation between Fortis Malar Hospitals and SRL due to delay in completion of the process and strong headwinds in the sector.

"The entire process was expected to take 6-8 months, however, due to reasons beyond the company's control, the process has taken over 19 months and is still not complete," Fortis Healthcare said in a late night filing on Wednesday.

The scheme is currently pending for approval with the National Company Law Tribunal (NCLT), Chandigarh bench, it added.

During this period of 19 months, the healthcare sector has witnessed strong headwinds and performance of diagnostics business has not been optimum, Fortis Healthcare said.