Fortis Healthcare told to recover Rs 403 crore from Singh brothers

Mumbai: In a blow to the Singh brothers, the market regulator Sebi has asked Fortis Healthcare to take all measures to recover Rs 403 crore, along with accrued interest, from the brothers and their holding companies.

In its latest order, Sebi directed Fortis Healthcare Ltd (FHL) and Fortis Hospitals Ltd (FHsL) to continue their efforts to recover dues from Shivinder Mohan Singh and Malvinder Mohan Singh as well as seven other entities.

The Sebi order directed the Singh brothers to pay Fortis within three months from the date of the interim order.

The latest ruling confirms the Sebi’s interim order where it had found that the Singh brothers, along with seven entities, diverted Rs 403 crore from FHL, for the ultimate benefit of parent firm RHC Holding Pvt. Ltd. and Religare Finvest Ltd.