Fortis Healthcare case: Sebi modifies interim order against Singh brothers

Sebi has directed FHL and FHsL to recover dues from Malvinder Singh, Shivinder Singh, and seven others

The Securities and Exchange Board of India (Sebi) on Friday modified its interim order passed against the Fortis Healthcare former promoters, Malvinder Singh, Shivinder Singh, and seven others in connection with the alleged fund diversion and misrepresentation of financial statement of the hospital chain.

The move comes after both Fortis Healthcare (FHL) and Fortis Hospitals (FHsL) raised concerns over the recovery of outstanding dues of Rs 4.03 billion. According to them, FHsL, being a 100 per cent wholly owned subsidiary, is not