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Singh brothers resign from board of Religare Enterprises

Press Trust of India  |  New Delhi 

Diversified financial services firm Enterprises today said Singh and Singh have resigned from the company's board with effect from today.

"Singh and have stepped down from the board of directors with effect from February 14, 2018," Enterprises said in a regulatory filing informing about the changes in composition of the board of directors of the company without giving any reasons.

Also, Francis Daniel Lee, has resigned with effect from February 13, 2018, it said.

Shivinder held the position as the of the company and Malvinder as the on the board, as per the company website.

Enterprises is the promoter of Healthcare and the two brothers had resigned from the board of directors of the latter last week following a order upholding Rs 3,500 crore arbitral award in favour of Japan's

The resignation is intended to free the organisation from any encumbrances that may be linked to the promoters, Healthcare had said.

Healthcare was issued notices by the stock exchanges following a media report claiming that the company's promoters, the Singh bothers, took at least USD 78 million (about Rs 500 crore at current exchange rate) out of the publicly-traded hospital company they control without board approval about a year ago.

The had on January 31 upheld an international arbitral award of Rs 3,500 crore passed in favour of Japanese pharma Daiichi Sankyo, which has alleged that the former promoters of India's had concealed information about proceedings against them by American and drug department.

Earlier, a tribunal in had passed the verdict in favour of Daiichi holding that the former Ranbaxy promoters and brothers, Malvinder and Shivinder, had concealed information that the Indian company was facing probe by the and Drug Administration and the Department of Justice, while selling its shares.

Religare also announced its third quarter earnings today and posted a net loss of Rs 41.67 crore. There was a net loss of Rs 43.27 crore in the same quarter of 2016-17.

Total income of the company stood at Rs 7.96 crore for the quarter, slightly up from Rs 7.64 crore in the same period a year ago.

Stock of the company closed 4.97 per cent up at Rs 54.95 a unit on the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 14 2018. 21:35 IST