INSUBCONTINENT EXCLUSIVE:
Mumbai: The Securities and Exchange Board of India (Sebi) Friday slightly modified its earlier order on Fortis Healthcare, asking both
Fortis Hospitals and its parent company to recover dues from the erstwhile promoters of the hospital chain.
Sebi on Friday said Fortis
Healthcare and Fortis Hospitals should take all necessary steps to recover Rs 403 crore, along with the interest due on the principal, from
Malvinder and Shivinder Singh.
In October, the regulator had directed only Fortis Healthcare to recover the amount from the Singh brothers
and eight entities.
After that order, both Fortis Healthcare and Fortis Hospitals made a representation to the regulator that Fortis
Hospitals had advanced the money to Best Healthcare, Fern Healthcare, and Midland Wears.
Fortis Hospitals is a 100 per cent owned subsidiary
of Fortis Healthcare.
Based on its preliminary investigation, Sebi had alleged diversion of funds from Fortis by the Singh brothers and it
entire fraud by way of which funds were allegedly diverted from Fortis to its promoters and also said that other third parties, such as
brothers and these eight entities have been directed to not dispose of or alienate any of their assets or divert any funds without the
