Sebi directs Singh brothers, 8 other entities to repay over Rs 403 crore to Fortis Healthcare
All the entities have prima facie acted in a fraudulent manner in diverting funds around Rs 403 crore from Fortis Healthcare Ltd (FHL), a listed company, for the ultimate benefit of parent company RHC Holding Pvt Ltd and group company Religare Finvest Ltd, violating the securities laws, Sebi said.
According to the auditors, the FHL management informed them that three borrower companies to whom ICDs were given had become related parties to the promoters due to some internal restructuring of ownership from December 2017 onwards.