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1-min read

Religare Finvest to File Response With Sebi in Fortis Loan Case

Markets regulator Sebi on Wednesday had directed former promoters of Fortis Healthcare, Shivinder Mohan Singh, Malvinder Mohan Singh and eight other entities, to repay Rs 403 crore along with interest to the company.

PTI

Updated:October 18, 2018, 11:47 PM IST
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Religare Finvest to File Response With Sebi in Fortis Loan Case
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New Delhi, Oct 18 (PTI) Religare Finvest Ltd (RFD) said on Thursday it would file its response with Sebi over the regulator's observation that the company was allegedly an ultimate beneficiary of inter-corporate loans of Rs 200 crore by Fortis Healthcare Limited (FHL).

Markets regulator Sebi on Wednesday had directed former promoters of Fortis Healthcare, Shivinder Mohan Singh, Malvinder Mohan Singh and eight other entities, to repay Rs 403 crore along with interest to the company.

All the entities have prima facie acted in a fraudulent manner in diverting funds around Rs 403 crore from Fortis Healthcare Ltd (FHL), a listed company, for the ultimate benefit of parent company RHC Holding Pvt Ltd and group company Religare Finvest Ltd, violating the securities laws, Sebi had said.

"RFL will be presenting its submission to SEBI clarifyiing the transactions mentioned in the SEBI Order and will address each and every observation pertaining to the allegation that RFL is an ultimate beneficiary of the Inter-Corporate Loans of Rs 200 crore by FHL," Religare Enterprise, the parent firm of RFL, said in a BSE filing.

"The SEBI order is passed without the benefit of hearing RFL and therefore RFL would file its response and seek for a personal hearing where the transactions would be explained," it added.

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