Fortis Healthcare appeals to SEBI
Fortis Healthcare has appealed the Securities and Exchange Board of India to arrest its former promoters, after they failed to repay the ₹472 crore fraudulently diverted. Last October, the capital market regulator had ordered the Singh brothers and various promoter companies to return the money within 90 days. But Shivinder Singh said he had retired from Fortis in September 2015 and, therefore, did not have decision-making authority when these advances were made. Japan’s Daiichi is also looking to enforce a ₹3,500 crore arbitration award on the Singh brothers in a separate fraud case.