Sebi directs Singh brothers, 8 others to repay Rs 4 bn to Fortis Healthcare

Sebi has also ordered these 10 entities, which includes Religare Finvest and Fortis Hospitals, not to dispose of any of their assets without its prior permission

Capital market regulator Securities and Exchange Board of India (Sebi) on Wednesday directed Malvinder Singh, Shivinder Singh and eight other entities to jointly repay Rs 4.03 billion, along with interest, to Fortis Healthcare in three months.

Further, Sebi has ordered these 10 entities, which includes Religare Finvest and Fortis Hospitals, not to dispose of any of their assets without the prior permission of Sebi. Also, the Singh brothers, founders of Fortis Healthcare, have been directed not to associate themselves with the affairs the company in any manner.

The matter pertains to alleged diversion of funds to promoters and misrepresentation of financial statements