INSUBCONTINENT EXCLUSIVE:
Fortis Healthcare Ltd petitioned market regulator to arrest its founders after the Singh brothers failed to repay Rs 400 crore ($56 million)
that the watchdog had found they had fraudulently taken out.The company earlier this month had requested the Securities and Exchange Board
of India to use its legal authority to recover the money from Malvinder and Shivinder Singh, said Fortis spokesman Ajey Maharaj
The regulator in October had ordered the Singhs, formerly controlling shareholders, to return the money, plus interest, within three
months.Malvinder Singh and Sebi spokesman N Hariharan couldn't be immediately reached through phone and text messages
Shivinder Singh declined to comment
Responding to Mint, Shivinder said he had no control over decisions or transactions made at Fortis after retiring from all executive roles
in September 2015.The petition deepens the legal jeopardy faced by the ex-billionaire brothers, who have lost much of their corporate empire
to debt, and are still being chased by creditors
Healthcare Bhd.They are also being pursued in a court by Japanese drugmaker Daiichi Sankyo Co Ltd for $500 million to settle a separate
fraud case.The reversal of fortunes has led to family acrimony
Elder brother Mr Malvinder filed a separate police complaint accusing Mr Shivinder and the pair's spiritual guru of defrauding their family
The stock gained 0.3 percent at the close to Rs 136 in Mumbai on Monday.
