The Securities and Exchange Board of India (SEBI) on Thursday imposed a fine 60 crores on Religare Corp Services Ltd, businessman brothers Malvinder Singh and Shivinder Singh (promoters of Fortis Healthcare) and seven others. This was his final order in the matter relating to the alleged diversion of funds and money laundering of excess 2,000 crores. Seven others have been fined: RHC Holding Pvt. Ltd., A-1 Book Company Ltd., Malav Holdings, Shivi Holdings, ANR Securities, Sunil Godhwani and Anil Saxena.
The capital markets regulator has barred the Singh brothers from buying, selling or transacting in securities, directly or indirectly, or from being associated with the securities market for a period of three years till recovery of money. They have also been barred from taking positions as key managerial personnel in listed companies. The remaining seven individuals and entities have been banned from the securities market for two years. The case pertains to the Singh brothers along with other entities who were allegedly extorting money from Fortis Healthcare for the ultimate benefit of RHC Holding Pvt Ltd. Ltd., an entity indirectly owned and controlled by the erstwhile promoters.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,