Indian regulator asks Fortis Healthcare, to restore $55 million from founders, eight companies


MUMBAI (Reuters) – India’s capital markets regulator has asked, Fortis Healthcare (FOHE. NS), 4.03 billion rupees ($ 55 million) from its founding brothers and company, in connection with them, until an investigation into loans of the company recover.

file photo: a question how his brother answered Chairman of Fortis Healthcare Malivnder Singh (R) and Managing Director Shivinder Singh sitting next to him during a press conference in Singapore July 1 2010 REUTERS/Vivek Prakash

Tycoon brothers Shivinder Singh, Malvinder Singh, and eight companies, which should figures relating to them jointly the sum with interest rates offered to Fortis within three months, the Securities and Exchange Board of India (SEBI) said in his order on Wednesday.

“a detailed study of the entire system employed is necessary in this case to find the role of each entity in the alleged transfer of funds,” SEBI said.

SEBI will carry out a detailed investigation, but said that it is an interim order to protect of the interests of the shareholders of Fortis Healthcare and prevent that further “Deterioration” of company funds or assets exhibition was.

it barred also brothers Singh and the company from the sale amounts completed assets or redirection with exception to meet daily expenses, as a probe.

Singh could not reach brothers

Reuters for comment, while Fortis did not immediately responded to a request to comment outside regular business hours.

the eight companies and brothers Singh, who was also ordered not to connect himself with Fortis business 21 days for a response they receive from the day of order, SEBI, said.

cash Gegurtete Fortis, which is about 30 private hospitals in India is working, accepted an investment offer from Malaysia’s IHH healthcare Bhd (IHHH.KL) in July after an extended bidding battle for control of the company.

it is unclear, whether the order, SEBI closing point of the, which will affect.

reporting by resolve Phartiyal; Additional Tanvi Mehta reporting; Editing our standards by Adrian Croft

:Thomson Reuters trust principles.

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