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Thursday, 18 October 2018

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SEBI instructed Singh Brothers to repay Rs 403 crore to Fortis Healthcare

SEBI instructed Singh Brothers to repay Rs 403 crore to Fortis Healthcare




Market regulator SEBI on Wednesday,  has directed Shivinder Mohan Singh, Malvinder Mohan Singh and eight others to return the debt of Rs 403 crore with interest to Fortis Healthcare.

SEBI has found guilty of illegal transfer of funds from the company's account. Singh Brothers were former promoters of Fortis Healthcare. SEBI alleged that all these persons in a fictitious way transfered funds worth 403 crore rupees from the account of the listed company like Fortis Healthcare, to benefit the parent company RHC Holding Pvt Ltd and group company Religare Finvest Limited. This is a violation of the securities rules and hence SEBI has instructed everyone to return the money back to Fortis with interest.

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