Fortis seeks arrest of Malvinder and Shivinder Singh, former Ranbaxy promoters

By PharmaCompass

2019-02-28

Impressions: 121 Article

Last week, we updated you about on the ongoing battle between the estranged Singh brothers, former promoters of Ranbaxy. This week, there is more on the murky saga.

Fortis Healthcare announced recently that it has asked India’s markets regulator — Securities and Exchange Board of India (SEBI) — to initiate legal proceedings, including arrest of the Singh brothers (its former promoters), to recover US$ 66.28 million (Rs 4.72 billion) from them and related entities. The Singhs were promoters of Fortis Healthcare and Fortis Hospitals.

In an application to SEBI for the recovery of the amount, Fortis Healthcare and Fortis Hospitals have asked for the invocation of Section 28 A of the Act to recover the amounts from Malvinder Mohan Singh, Shivinder Mohan Singh, RHC Holdings Private Limited, Shivi Holdings Private Limited, Malav Holdings Private Limited, Religare Finvest Limited, Best Healthcare Private Limited, Fern Healthcare Private Limited and Modland Wears Private Limited.

Fortis Healthcare has also asked SEBI for a personal hearing on the matter. The company is also awaiting SEBI approval on declassification of Singh brothers as promoters.

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