The market regulator has barred Malvinder Mohan Singh and Shivinder Mohan Singh, erstwhile promoters of Religare Enterprises Ltd., from stock markets for three years citing diversion of funds.
The regulator's investigation found that Rs 2,474 crore was diverted by a subsidiary of Religare Enterprises as corporate loans to the entities controlled by the erstwhile promoters, according to an order by the Securities and Exchange Board of India.
SEBI also levied a penalty of Rs 10 crore each on the Singh brothers, and barred them from taking up key managerial positions in listed firms.
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