Fortis Hospitals faces Rs 89.53 crore Tax Demand

New Delhi: Fortis Healthcare Ltd disclosed on Friday that one of its subsidiaries, Fortis Hospitals Ltd, has received a significant tax demand amounting to Rs 89.53 crore, inclusive of interest, for the assessment year 2022-23.                                                                                                    

In a regulatory filing, Fortis Healthcare revealed that Fortis Hospitals Ltd received an Income Tax assessment order dated March 21, 2024, indicating a tax demand of Rs 89.53 crore, which includes interest totalling Rs 9.54 crore.            

According to the PTI report, “The company is evaluating the said order and will take appropriate actions in due course”.                                   

The expected financial implication on Fortis Hospitals Ltd is Rs 89.53 crore, the company said.                                       

Fortis Healthcare Ltd has been a prominent player in the Indian healthcare sector, providing a wide range of medical services across the country. The tax demand on one of its subsidiaries underscores the intricate regulatory environment and financial intricacies faced by companies operating in diverse industries.   

Medical Dialogues team had earlier reported that Capital markets regulator Sebi has sent notices to five entities asking them to pay Rs 5.7 crore within 15 days in Fortis Healthcare’s case of fund diversion and misrepresentations to conceal the fraud. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The five entities that received notices are Saubhagya Buildcon, Zolton Properties, Tiger Developers, Torus Buildcon and Rosestar Marketing.