SEBI directs Singh Brothers to repay 403 crores to Fortis HealthcareOctober 18 2018
The Securities Exchange Board of India has in an interim order directed Malvinder Singh, Shivinder Singh and eight other entities to repay a sum of Rs. 403 crores of diverted funds to Fortis Healthcare.
SEBI’s preliminary probe, which was a result of an article that appeared on Bloomberg, has revealed that 403 crores worth of funds were diverted through a complicated web of transactions between related and unrelated entities. The funds have been routed from Fortis Healthcare through several step down subsidiaries, to promoter entities, which are controlled . . .
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