Further, as part of its commercial strategy, the Company intends to, going forward, obtain a license to use the name, brand and logo ‘Parkway' (on such terms as may be mutually agreed on an arm's length basis) as part of the name, brand and logo of the Company and its subsidiaries (excluding SRL and its subsidiaries and joint ventures) in relation to the hospital business. This rebranding decision has been taken by the Board of Directors based on brand research conducted by the Company.

Parkway' is a well renowned and internationally acclaimed brand in the field of healthcare, belonging to IHH Healthcare Berhad, the ultimate parent of Northern TK Venture Pte Ltd., the promoter of the Company which holds approx. 31% of its share capital. The IHH group operates more than 15,000 licensed beds across 78 hospitals in 10 countries worldwide and is Asia's largest integrated private healthcare provider.

IHH nominee directors on the board of the Company abstained from voting on the specific agenda item dealing with the Company obtaining a license to use the ‘Parkway' name, brand and logo.

Also, the Board of Directors of the Company and SRL (material subsidiary of the Company) have decided to proceed with a proposed change in its name and branding. Accordingly, SRL would no longer be using ‘SRL' name, brand and logo and would register and develop a new neutral name, brand and logo unrelated to the IHH group and the ‘Fortis' brand, for use in relation to the diagnostics business.

The above proposed changes are subject to the directions of the Hon'ble Supreme Court of India, finalisation of mutually agreed terms for license of the ‘Parkway' brand, the receipt of all requisite corporate and other approvals, as may be required. The Company has today filed an appropriate application before Hon'ble Supreme Court of India in this regard.