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

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.

Also Read: Fortis Healthcare, Fortis Hospitals to recover Rs 403 crore from Singh brothers and 7 others: SEBI

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.

Also Read: Fortis Healthcare petitions SEBI seeking arrest of Singh brothers

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Source: with inputs
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    Dr Sanjay Gupta May 12, 2019, 10:03 am

    I think the \’joke\’ has gone along too much. Some serious action is necessary quickly.