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    Fortis tightens financial noose around Singh brothers; likely to move Delhi HC

    Farhat NasimWritten by Farhat Nasim Published On 2019-05-11T17:43:37+05:30  |  Updated On 18 Oct 2021 3:57 PM IST
    Fortis tightens financial noose around Singh brothers; likely to move Delhi HC

    New Delhi: Surrounded by controversies, Singh brothers is likely to face judicature as Fortis Healthcare Ltd (FHL) plans to a reach out to the Delhi High court seeking to recover Rs 403 crore, which was allegedly drained off from Fortis by its ex promoters, suggests a media report.


    As per a recent report by Live mint, FHL plans to ask the court that if any direction related to payment of the award is taken.


    The move comes following the Securities and Exchange Board of India's (SEBI) order dated October 17 wherein the board had directed FHL and Fortis Hospitals to take necessary steps to recover Rs 403 crore, along with interest, from Shivinder Mohan Singh, Malvinder Mohan Singh and seven other entities within three months.


    Medical Dialogues had earlier reported that SEBI, through an order passed in October last year, had asked Fortis Healthcare to recover the amount after the two companies made representation to the markets regulator.




    However, with the allotted deadline being missed, FHL is likely to approach the court in an ongoing case by Japanese drugmaker Daiichi Sankyo Inc., reports Mint.


    Prior to this, FHL had opted for legal intervention by writing to the market regulator, Securities and Exchange Board of India(Sebi). The company in its plea had asked Sebi to initiate the probe and arrest Malvinder Mohan Singh and Shivinder Mohan Singh over non-payment of dues worth Rs 472 crore.


    In an application to Sebi for the recovery of the amount, FHL and Fortis Hospitals had asked for the invocation of Section 28 A of the Act to recover the amounts from Malvinder Mohan Singh, Shivinder Mohan Singh, RHC Holdings Pvt Ltd, Shivi Holdings Pvt Ltd, Malav Holdings Pvt Ltd, Religare Finvest Ltd, Best Healthcare Pvt Ltd, Fern healthcare Pvt Ltd and Modland Wears Pvt Ltd.



    CourtDaiichi against Singh brothersDaiichi SankyoDelhiDelhi high courtFHLFortisFortis DelhiFortis HealthcareFortis Singh brothersMalvinder SinghRavi RajagopalSEBISebi order against FortisShivinder SinghSingh brothers
    Source : with inputs

    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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