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Saturday, February 04 2023
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SEBI directs FHL, Fortis to recover Rs 403 cr from Malvinder, Shivinder with interest

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Mumbai: The Securities and Exchange Board of India (SEBI) has directed Fortis Healthcare (FHL) and Fortis Hospitals (FHsL) to recover Rs 403 crore along with due interest from Malvinder Mohan Singh, Shivinder Mohan Singh and other entities within three months.

The development comes after FHL and FHsL approached the regualtor on its earlier “ad-interim ex-parte” order in the matter of Fortis Healthcare passed on October 17, 2018.

In its interim order posted on the SEBI website on Friday, December 21, the regulator said: “FHL and AFHsL shall take all necessary steps to recover the above mentioned amount of Rs 403 crore (approx.) along with due interest from Noticee nos 3 to 11, within three months from the date of the ‘Interim Order’.”

“The Noticee nos. 3 to 11 shall, jointly and severally, repay the above mentioned amount of Rs 403 crore (approx.) along with due interest to FHsL, within three months from the date of the ‘Interim Order’.”

In addition, Malvinder Mohan Singh and Shivinder Mohan Singh have been directed not to associate themselves with the affairs of FHL and FHsL in any manner whatsoever, till further directions.

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