sebi:WTM/AB/IVD/ID2/16050/2022-23
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Facts / Headnote
Monetary penalties imposed on RHC Holding Private Limited and Malvinder Mohan Singh with additional penalty provisions invoked for Shivinder Mohan Singh; FHL and FHsL to continue measures to recall/recover outstanding amount of Rs.403 crore approx. with interest.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 21
- s. 11(2)
- s. 15H
- s. 27
- s. 15J
- s. 15F
- s. 28A
- s. 23J
- s. 23E
- s. 23H
- s. 11B(2)
- s. 11B(1)
- s. 12A(1)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)(f)
- Reg. 3(b)
- Reg. 23
- Reg. 103
- Reg. 3(d)
- Reg. 4
- Reg. 4(1)(a)
- Reg. 30(1)
- Reg. 48
- Reg. 23(2)
- Reg. 17(8)
- Reg. 4(2)(f)(i)
- Reg. 33(2)(a)
- Reg. 4(3)
- Reg. 23(5)(b)
Parties
- Fortis Healthcare Limited
- Fortis Hospitals Limited
- RHC Holding Pvt. Ltd.
- Shivi Holdings Pvt. Ltd.
- Malav Holdings Pvt. Ltd.
- Malvinder Mohan Singh
- Shivinder Mohan Singh
- Religare Finvest Limited
- Best Healthcare Pvt. Ltd.
- Fern Healthcare Pvt. Ltd.
- Modland Wears Pvt. Ltd.
Holding
The Whole Time Member held that funds were diverted from FHL through FHsL via ICDs/loans to Best, Fern and Modland for the ultimate benefit of RHC Holding and erstwhile promoters with misstatement of accounts, and imposed monetary penalties while continuing recovery directions.
Full text
Final Order in the matter of Fortis Healthcare Ltd. Page 1 of 109 WTM/AB/IVD/ID2/16050/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Fortis Healthcare Ltd. Page 2 of 109 referred to as “SEBI”) whereby certain directions were issued against Fortis Healthcare Limited (hereinafter referred to as ‘FHL’), Fortis Hospitals Limited (hereinafter referred to as ‘FHsL’), RHC Holding Pvt. Ltd. (hereinafter referred to as ‘RHC’/‘RHC Holdings’), Shivi Holdings Pvt. Ltd., Malav Holdings Pvt. Ltd., Malvinder Mohan Singh, Shivinder Mohan Singh, Religare Finvest Limited (hereinafter referred to as ‘RFL’), Best Healthcare Pvt. Ltd. (hereinafter referred to as ‘Best’), Fern Healthcare Pvt. Ltd. (‘Fern’) and Modland Wears Pvt. Ltd. (hereinafter referred to as ‘Modland’), namely:-
Final Order in the matter of Fortis Healthcare Ltd. Page 3 of 109 promoter / promoter connected entities. Subsequent to the passing of the said interim
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Source: SecMarx — sebi:WTM/AB/IVD/ID2/16050/2022-23. 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.