“The company has not carried out any business during the year.”

It’s a loaded statement whichever way one looks at it.

For the largest home healthcare company in India, Portea Medical Pvt Ltd, to make this disclosure at the end of the financial year ending March 2018, may not be as heretical as it sounds. It has pivoted from being a home healthcare “company” to a “brand”. It’s the parent company Healthvista India Pvt Ltd, behind all buyouts and write-downs of healthcare assets, that runs the show. The corporate filing said so, too: “All the healthcare services which were carried out by the company are being continued by its holding company during the year.”

Brand Portea was on an upswing soon after the company raised $37.5 million in September 2015, followed by $26 million in November 2017.