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News of Singh bros siphoning money sparks SFIO probe on Fortis, Religare

Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses

Press Trust of India  |  New Delhi 

Shrinking to Expand: Dumping earlier plans to demerge key verticals and list each, brothers Shivinder Mohan Singh (left) and Malvinder Mohan Singh are now focusing on lending and securities arms
Malvinder Singh and Shivinder Singh

The Serious Investigation Office (SFIO) will initiate a probe into alleged financial irregularities at Healthcare and Enterprises, according to a

The corporate affairs ministry has been looking into the affairs of Healthcare and Enterprises after recent reports that financial irregularities have emerged at the two

A said an SFIO probe has been ordered against the two

The latest development comes against the backdrop of reports that the Healthcare's promoters - Malvinder Singh and Shivinder Singh - took at least USD 78 million out of the company without any board approval about a year ago.

The SFIO, under the ministry, mainly probes white collar crimes. has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses.

On Saturday, Fortis informed the exchanges that Sebi, which has instituted an investigation, has sought information and documents by February 26.

Ajay Tyagi, on February 10 said that the regulator was examining the Fortis issue. "We also received a reference on from somewhere I cannot disclose and it will be looked into," he had said.

First Published: Mon, February 19 2018. 12:29 IST
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