SEBI directs Singh Brothers to repay 403 crores to Fortis Healthcare

Bar & Bench October 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 . . .

This content is restricted to subscribers