The Serious Fraud Investigation Office sought information and documents from Fortis Healthcare Ltd. as it looks into alleged siphoning of funds by the Singh brothers, part of the founding family, from the hospital chain.
The documents have to be submitted by March 9 to the white-collar crime investigating agency, the hospital company said in an exchange filing today. Fortis Healthcare is in process of collating the information, and will share it in due course. The financial implication/compensation/penalty and quantum of claims has not been referred in the notice and, hence, can't be ascertained, it said.
Also Read: Fortis Healthcare Says It Expects Repayment Of Inter-Corporate Loans By June
Malvinder Singh and Shivinder Singh allegedly took out $78 million (about Rs 500 crore) from Fortis Healthcare without board approval, Bloomberg reported earlier. They also face a lawsuit on alleged diversion of loans from Religare Finvest, a subsidiary of non-bank lender Religare Enterprise, another Blooomberg report said. The Corporate Affairs Ministry then asked the SFIO to probe the matter, according to newswire PTI.
The Singh brothers have already stepped down as directors of both Fortis Healthcare and Religare Enterprises.
The Delhi High Court has ordered to attach the Singh brothers' unencumbered assets to enforce the Rs 3,500-crore arbitral award Daiichi Sankyo won in Singapore. The Japanese drugmaker had accused them of hiding troubles of erstwhile Ranbaxy Laboratories Ltd. at the time of sale to Daiichi in 2008.
Also Read: SFIO To Probe Fortis, Religare For Alleged Irregularities
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