Fortis Healthcare has said it has asked markets regulator Sebi to initiate legal proceedings, including arrest of its former promoters Singh borthers, to recover Rs 472 crore from them and related entities.
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 Pvt Ltd, Shivi Holdings Pvt Ltd, Malav Holdings Pvt Ltd, Religare Finvest Ltd, Best Healthcare Pvt Ltd, Fern healthcare Pvt Ltd and Modland Wears Pvt Ltd.
Fortis Healthcare has also asked the Securities and Exchange Board of India (Sebi) for a personal hearing on the matter.
Commenting on the development, Fortis Healthcare Ltd Chairman Ravi Rajagopal said: "Once SEBI order was received in Oct 2018, then the revised version in Dec 2018, we began legal proceedings to recover the money as per the directive in the order. All the nine parties/noticees were sent notices from FHL."
Asserting that even Fortis is well aware of the facts and his role on the matter, Singh said, "It would be grossly unjust to hold me responsible for decisions and actions taken by others who were in a position of responsibility and power."
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