sebi:Order/GR/KG/2022-23/16420-16458
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Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 27
- s. 292
- s. 11A
- s. 15J
- s. 28A
- s. 141
- s. 21
- s. 11(2)
- s. 297
- s. 301
- s. 177
- s. 292A
Regulations
- Reg. 9
- Reg. 3(b)
- Reg. 103
- Reg. 4(1)(a)
- Reg. 18(3)
- Reg. 17(8)
- Reg. 4(2)(f)(i)
- Reg. 24(2)
Holding
The order records findings that funds were diverted from Fortis Healthcare Ltd (FHL) through Fortis Hospitals Ltd (FHsL) to RHC Holding via three borrower companies (Best, Fern, Modland), and that structured rotation of funds and loan rollovers were used to misrepresent FHsL's financial statements, thereby not providing a true and fair view of FHL's consolidated financials to shareholders. The excerpt does not contain the final disposition or penalty imposed.
Full text
Adjudication Order in the matter of Fortis Healthcare Ltd Page 2 of 179 14. 15 Best Medicines Pvt Ltd (New Name - Best Health Management Private Limited) (AADCA7654E) 15. 16 Artifice Properties Private Limited (AAACO1722C) 16. 17 Ranchem Private Limited (AAACV3934B) 17. 18 Addon Realty Private Limited (CIN No. - U74120DL2008PTC173921) 18. 19 AD Advertising Private Limited (CIN No. - U74120DL2008PTC173921) 19. 20 Rosestar Marketing Private Limited (AAFCR2252M) 20. 21 Torus Buildcon Private Limited (AACCT8158M) 21. 22 Tiger Developers Private Limited (AACCT7439H) 22. 23 Zolton Properties Private Limited (AAACZ2996D) 23. 24 Saubhagya Buildcon Private Limited (AALCS1157L) 24. 25 Lowe Infra and Wellness Private Limited (AABCL4590L) 25. 26 Fortis Global Healthcare Private Ltd (AABCF4146Q) 26. 29 Jasbir Grewal (ABUPS7890M) 27. 31 Anurag Kalra (AHUPP2196B) 28. 32 Anurag Yadav (AACPY7690N) 29. 34 Ashish Bhatia (ABGPB9476J) 30. 35 Daljit Singh (AKLPS6034R) 31. 36 Ritu Garg (AHDPM5930F) 32. 37 Preetinder Singh Joshi (ACPPJ8362F) 33. 38 Sunil Godhwani (AACPG6998F) 34. 39 Ravi Umesh Mehrotra (AADPM4128J)
Adjudication Order in the matter of Fortis Healthcare Ltd Page 3 of 179 35. 40 Harpal Singh (ABEPS1662H) 36. 41 Brian William Tempest (DIN No. – 00101235) 37. 42 Pradeep Raniga (DIN No. – 03291083) 38. 43 Lt. Gen. Tejinder Singh Shergill (AHOPS1322E) 39. 44 Mr. Hemant Dhingra (ADPPD0934Q)
Adjudication Order in the matter of Fortis Healthcare Ltd Page 4 of 179 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed to act as an Adjudicating Officer under Section 19 of the SEBI Act, read with Sub-section (1) of Section 15 I of the SEBI Act and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules vide Order dated January 07, 2021, conveyed vide communique dated January 19, 2021, to adjudicate upon the violations as alleged in the subsequent paragraphs and if satisfied that the Noticees have become liable to penalty, may impose such
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Source: SecMarx — sebi:Order/GR/KG/2022-23/16420-16458. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.