Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Fortis Healthcare Co-owner Restrained From Selling Properties in Bank Loan Default Case

A bench headed by presiding officer GVK Raju passed the interim direction on an application by Yes Bank seeking recovery of Rs 569.64 crore loan given to Oscar Investment Ltd. for which Singh was a guarantor.

PTI

Updated:February 18, 2018, 6:57 PM IST
facebookTwitterskypewhatsapp
Fortis Healthcare Co-owner Restrained From Selling Properties in Bank Loan Default Case
File photo of Ranbaxy promoters Shivinder Singh (L), with his brother brother Malivnder Singh. (Image: REUTERS/Vivek Prakash/Files)
Loading...

New Delhi: The Delhi Debts Recovery Tribunal (DRT) has restrained former CEO of Ranbaxy Laboratories and the co-owner of Fortis Healthcare, Malvinder Mohan Singh, from selling a posh property in Lutyen's Delhi and some other assets in a bank loan default case.

A bench headed by presiding officer GVK Raju passed the interim direction on an application by Yes Bank seeking recovery of Rs 569.64 crore loan given to Oscar Investment Ltd. for which Singh was a guarantor.

"In the facts and circumstances of the case, defendants, their men or agents are restrained from alienating or creating any sort of encumbrance in respect of the immovable property, i.e., 1, Rajesh Pilot Marg, until further orders," the court said, while also restraining him from selling some of his other assets including properties.

The bank had filed an application through its law officer, advocate Navin Trivedi, claiming that the defaulters, "with an intention to defeat its rights, are trying to alienate the movable and immovable property and if they are permitted to do so, the bank would suffer irreparable loss." The tribunal also directed Singh to file an affidavit disclosing his movable and immovable assets.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Tarun Bhardwaj
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.30 -13.91
LIC Housing Fin 414.00 -10.66
Indiabulls Hsg 450.55 -6.82
DLF 144.45 -15.82
Maruti Suzuki 6,208.55 -0.33
Company Price Change %Gain
LIC Housing Fin 412.85 -10.97
Yes Bank 56.30 -13.91
DLF 144.30 -15.91
Indiabulls Hsg 449.90 -6.82
Tata Steel 333.35 -2.83
Top Gainers
Company Price Change %Gain
Britannia 2,440.75 2.36
Dr Reddys Labs 2,545.40 1.69
Tech Mahindra 682.75 1.48
TCS 2,216.00 1.36
HUL 1,872.10 1.19
Company Price Change %Gain
TCS 2,214.90 1.33
HUL 1,872.25 1.21
HCL Tech 1,078.45 0.63
Top Losers
Company Price Change %Gain
Yes Bank 56.30 -13.91
Vedanta 129.05 -7.79
Indiabulls Hsg 450.55 -6.82
Bajaj Finserv 6,767.35 -5.30
Bajaj Finance 3,114.10 -4.52
Company Price Change %Gain
Yes Bank 56.30 -13.91
Vedanta 129.05 -7.76
Bajaj Finance 3,117.80 -4.39
Coal India 180.70 -4.26
Tata Motors 107.65 -4.14

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results