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Read more about Fortis fraud probe: SFIO to summon promoters Malvinder & Shivinder Singh on Business Standard. Fortis Healthcare has also come under the lens of markets regulator Sebi, which launched an investigation into the alleged regulatory lapses

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fortis fraud probe sfio to summon promoters

Fortis fraud probe: SFIO to summon promoters

Malvinder & Shivinder Singh

Fortis promoters Malvinder Singh and Shivinder Singh will soon recieve summons

from Serious Fraud Investigation Office (SFIO) in connection with alleged

financial irregularities at Fortis Healthcare and Religare Enterprises, according to a

report.

Citing sources, DNA reports that SFIO began a probe into the matter on Monday

and has 3 months time to complete the investigation.

“We will analyse the documents and then summon the Singh brothers,” the

report quoted SFIO sources as saying.

The corporate affairs ministry ordered the probe under Section 212 of the

Companies Act following reports that the Fortis Healthcare promoters took at

least $78 million out of the company without any board approval about a year

ago.

a religare spokesperson had earlier said

A Religare spokesperson had earlier said the company has not received any

communication, written or otherwise, from any government authority with

regard to such a purported investigation.

"As such we have no knowledge of any investigation against the company," the

spokesperson said in a statement.

In a filing to the National Stock Exchange, Fortis Healthcare said it "has not

received any communication, written or otherwise, from any government

authority with regard to such a purported investigation".

The Singh brothers are promoters of both the companies. Earlier this month, they

stepped down from the boards of the two firms.

The SFIO, under the ministry, mainly probes white collar crimes.

Fortis Healthcare has also come under the lens of markets regulator Sebi, which

launched an investigation into the alleged regulatory lapses.

On Saturday, Fortis informed the exchanges that Sebi, which has instituted an

investigation, has sought information and documents by February 26.

Sebi Chairman Ajay Tyagi, on February 10, said that the regulator was examining

the Fortis issue. "We also received a reference on Religare from somewhere I

cannot disclose and it will be looked into," he had said.

Article By - Business Standard