SEBI asks Fortis Healthcare to recover 4.03 bn from founders, 8 firms

Capital Market Regulator of India, Sebi, has asked the Tycoon brothers Malvinder and Shivinder along with eight other entities to pay back with interest Rs 4.03 billion (403 crore) that they had diverted from Fortis Healthcare, as per  media reports.

Sebi will carry out a detailed investigation, but said it was issuing an interim order to protect the interests of Fortis Healthcare shareholders and prevent any further deterioration of company funds or assets.

It claimed that these entities had undertaken deceitful activities and distorted financial statements. The other entities namely: Fortis Hospitals Ltd., Religare Finvest, RHC Holdings Ltd., Malav Holdings Pvt Ltd., Shivi Holdings Pvt Ltd., Best Healthcare Pvt Ltd., Modland Wears Pvt Ltd and Fern Healthcare Pvt Ltd.

Shares of Fortis Healthcare Ltd ended at Rs. 133 down by Rs 4.20 or 3.06% from on the Stock Exchange, on Wednesday.