SEBI issues notice to Fortis arm Escorts Heart Institute in funds diversion case

New Delhi: Fortis Healthcare on Friday said its subsidiary, Escorts Heart Institute and Research Center Ltd, has received a notice from capital markets regulator SEBI in the matter related to the alleged diversion of funds from the company by its erstwhile promoters.

"SEBI has issued a notice under Rule 4 of SEBI (Procedure for holding inquiry and imposing penalties) Rules, 1995 read with Section 15-I of Securities and Exchange Board of India Act, 1992 in the matter of Fortis Healthcare Limited to, among others, Escorts Heart Institute and Research Center Limited (EHIRCL)," Fortis Healthcare said in a regulatory filing.

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Fortis Healthcare on Friday said its subsidiary, EHIRCL, received the notice on April 15, 2021.

"The management and board of the company that was newly constituted after NTK Ventures Pte Ltd (a wholly-owned subsidiary of IHH Healthcare Berhad) became promoters of the company, are evaluating the notice received by EHIRCL, in consultation with its legal advisors," Fortis Healthcare said.

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