The National Company Law Tribunal bench in Chandigarh has allowed Fortis HealthcareNSE 1.57 % to withdraw its scheme to demerge SRLNSE 0.00 % 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 HospitalsNSE 0.00 % 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.
Source: Economic Times