Fortis Healthcare probe finds systemic lapses, moves to recover Rs 500 cr from Singh brothers

The board of Fortis, which is embroiled in a takeover battle, also annulled September 2016 appointment of Malvinder Singh as 'Lead: Strategic Initiatives' and will seek to recover payments made to him in that role as well as any company asset in his possession. Singh brothers had resigned as directors from Fortis board in February this year following the Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo.

Fortis Healthcare probe finds systemic lapses, moves to
Fortis, which had initiated an independent probe in February this year, following allegations of siphoning of cash by the founding family, said the probe report has been submitted to the Sebi and the SFIO. Image source: Reuters

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x