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    Fortis Healthcare Case: SEBI partially modifies order against Religare Finvest

    Farhat NasimWritten by Farhat Nasim Published On 2019-07-01T11:31:01+05:30  |  Updated On 16 Aug 2021 6:32 AM GMT

    In the matter of Fortis Healthcare, SEBI recently noted that the proposed measures like the restructuring of RFL's debt, assignment of its gross non-performing assets to ARCs and raising of capital to meet capital adequacy norms seem essential for the revival of the company.


    New Delhi: Sebi Friday partly modified its order against Religare Finvest Ltd (RFL) in the matter of Fortis Healthcare by allowing the firm to dispose of its assets subject to certain conditions. In March, the regulator directed Fortis Healthcare Ltd (FHL) and Fortis Hospitals Ltd (FHsL) to continue efforts to recover over Rs403 crore from Shivinder Mohan Singh and Malvinder Mohan Singh as well as seven other entities, including RFL.


    Besides, it had asked RFL not to dispose of or alienate any of its assets or divert except for complying with a corrective action plan as stipulated by Reserve Bank of India (RBI). Later, RFL sought relaxations from Sebi in order to execute revival plan for the betterment of the company by taking required steps, including the restructuring of loans and securitisation/ assignment of its assets to Asset Reconstruction Companies (ARCs) to reduce its standing liability.


    In its order on Friday, Sebi noted that the proposed measures like the restructuring of RFL's debt, assignment of its gross non-performing assets to ARCs and raising of capital to meet capital adequacy norms seem essential for the revival of the company.


    Also Read: Fortis investors move SEBI over delay in IHH open offer, ask for interest: Report


    The proposed measures cannot be taken by RFL unless the direction in earlier order is further relaxed, the regulator noted.


    Pending completion of the investigation, RFL shall not dispose of or alienate funds assets "except for meeting expenses of day-to-day business operations and taking all the measurers as it deems fit for revival of RFL, including restructuring of its debts/ loans, assignment of its financial assets to ARCs, raising of capital, borrowing," Sebi said.


    However, the relaxations are subject to adherence to the terms of corrective action plan and any other norms stipulated by the RBI.


    Also Read: SEBI asks Fortis to recover Rs 403 crore from Singh Brothers; FHL informs HC

    ARC Asset Reconstruction Companies FHL Fortis Fortis Healthcare Malvinder Mohan Singh RBI Religare Finvest Reserve Bank of India RFL SEBI Shivinder Mohan Singhh 
    Source : PTI

    Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd

    Farhat Nasim
    Farhat Nasim

      Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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