- Home
- Medical news & Guidelines
- Anesthesiology
- Cardiology and CTVS
- Critical Care
- Dentistry
- Dermatology
- Diabetes and Endocrinology
- ENT
- Gastroenterology
- Medicine
- Nephrology
- Neurology
- Obstretics-Gynaecology
- Oncology
- Ophthalmology
- Orthopaedics
- Pediatrics-Neonatology
- Psychiatry
- Pulmonology
- Radiology
- Surgery
- Urology
- Laboratory Medicine
- Diet
- Nursing
- Paramedical
- Physiotherapy
- Health news
- Fact Check
- Bone Health Fact Check
- Brain Health Fact Check
- Cancer Related Fact Check
- Child Care Fact Check
- Dental and oral health fact check
- Diabetes and metabolic health fact check
- Diet and Nutrition Fact Check
- Eye and ENT Care Fact Check
- Fitness fact check
- Gut health fact check
- Heart health fact check
- Kidney health fact check
- Medical education fact check
- Men's health fact check
- Respiratory fact check
- Skin and hair care fact check
- Vaccine and Immunization fact check
- Women's health fact check
- AYUSH
- State News
- Andaman and Nicobar Islands
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chandigarh
- Chattisgarh
- Dadra and Nagar Haveli
- Daman and Diu
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu & Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Lakshadweep
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Puducherry
- Punjab
- Rajasthan
- Sikkim
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttrakhand
- West Bengal
- Medical Education
- Industry
Three senior officials of Fortis along with Religare Finvest pay 4.3 Cr to settle a case with SEBI
New Delhi: Three senior officials and directors of Fortis Hospital namely Aditya Vij, Sandeep Puri and Balinder Singh Dhillon along with Religare Finvest Ltd paid Rs 4.34 crore to SEBI (Securities and Exchange Board of India) to settle a case related to the diversion of Fortis Healthcare's funds by its promoters and related entities. Puri being the chief financial officer of Fortis Healthcare Ltd (FHL) and Dhillon its non-independent director.
The settlement included Rs 93.50 lakh each for Balinder Singh Dhillon and Sandeep Puri, Rs 65 lakh for Aditya Vij and Rs 1.82 crore for Religare Finvest. The respective amounts, after the high-powered advisory committee's recommendations and SEBI's whole-time members' approval, were remitted by them in January.
An investigation was initiated by SEBI in the matter of FHL after an article published in February 2018 said its promoters have taken at least Rs 500 crore out of FHL and that its statutory auditor had refused to sign off on the company's second-quarter results.
Also Read:Former Fortis promoter's wife cheated of Rs 200 crore
The independent directors were alleged to have aided in the misuse and diversion of public shareholders' funds through three borrower companies for the benefit of RHC Holding and consequently, Malvinder Mohan Singh and Shivinder Mohan Singh.
They had allegedly failed to carry out adequate due diligence and exercise independent judgment with respect to the grant of loans/ investments by Fortis Hospitals to the three borrower companies.
Besides, Puri had issued a misleading CFO certificate in the annual reports of FHL during the investigation period which stated that "the financials of FHL presented true and fair view of its affairs and not containing any misleading statement".
"It is hereby ordered that this settlement order disposes of the aforesaid adjudication proceedings initiated against the applicants viz. Aditya Vij, Sandeep Puri, Balinder Singh Dhillon and Religare Finvest Limited vide SCN (show-cause notice) dated April 9, 2021," SEBI stated.
Also Read: Ex-Fortis Promoter Malvinder Singh's interim Bail Plea rejected By Delhi court
Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers. Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in.