Sebi bars Singh brothers from diverting assets

New Delhi: Tightening its grip on the former promoters of Fortis Healthcare, the beleaguered Singh Brothers, the Securities and Exchange Board of India (Sebi) has barred Malvinder Mohan Singh and his brother Shivinder Mohan Singh, and their companies from disposing of any assets or diverting any assets without prior permission from the regulator, as per an order on its website.

The order was in the case of alleged siphoning of about Rs 4.03 billion by the two brothers and their companies, along with Religare Finvest Ltd, from Fortis Hospitals Ltd. The regulator had issued interim orders in October directing Fortis Healthcare Ltd to recover the amount from the brothers and their company, and later modified it in December to make Fortis Hospitals Ltd responsible for it as it was their fund which was allegedly siphoned off. The three orders were issued following a preliminary investigation by SEBI.

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