Fortis Case: SEBI Imposes Rs.24 Crore Penalty on Singh Brothers, 7 Entities

Fortis Case: SEBI Imposes Rs.24 Crore Penalty on Singh Brothers, 7 Entities The Securities and Exchange Board of India (SEBI) slapped a Rs.24 crore penalty on nine entities, including Malvinder Mohan Singh and Shivinder Mohan Singh, for Fortis Healthcare violations on Tuesday. The Singh brothers were fined Rs.5 Core each, while their affiliate company RHC Holdings was fined Rs.2.5 crore. Malvinder Singh and Shivinder Singh were also barred from entering the securities market for three years by Sebi. The issue involves the misuse of funds from Fortis Healthcare by the former promoters and their affiliated organisations. "It is established that Noticees No. 2 (Malvinder) and 3 (Shivinder) purposefully failed to fulfil their duties in a manner that was necessary in the best interests of the listed business and its shareholders," Sebi stated in a order. Fortis Healthcare was fined Rs.1 crore and Fortis Hospitals was fined Rs.50 lakh for failing to disclose the fraud to the stock exchange, which was a "material occurrence." To Read SEBI Order Download PDF Given Below: