Home / Companies / News /  Sebi slaps penalty on Religare, Singh bros

The Securities and Exchange Board of India (Sebi) on Thursday imposed a penalty of 60 crore on Religare Corp Services Ltd, businessmen brothers Malvinder Singh and Shivinder Singh (promoters of Fortis Healthcare) and seven others. This was its final order in the case pertaining to the alleged diversion of funds and money laundering of more than 2,000 crore. The seven others fined are: RHC Holding Pvt. Ltd, A-1 Book Co. Ltd, Malav Holdings, Shivi Holdings, ANR Securities, Sunil Godhwani and Anil Saxena.

The capital markets regulator has restrained the Singh brothers from buying, selling or dealing in securities directly or indirectly or being associated with the securities market for a period of three years till the recovery of the money. They have also been restricted from taking up positions as key managerial personnel in listed companies. The remaining seven individuals and entities have been banned for two years from the securities market. The case pertains to the Singh brothers, along with other entities, allegedly diverting funds from Fortis Healthcare for the ultimate benefit of RHC Holding Pvt. Ltd, an entity indirectly owned and directly controlled by the erstwhile promoters.

ABOUT THE AUTHOR

Priyanka Gawande

Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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