sebi:WTM/GM/IVD/19/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Direction at para 17(iii) of the Confirmatory Order modified to permit RFL to undertake restructuring of debts/loans, assignment of financial assets to ARCs, raising of capital, borrowing etc. for revival, subject to adherence to RBI's Corrective Action Plan and applicable laws.
Provisions invoked
- s. 19
Regulations
- Reg. 11
Parties
- Fortis Healthcare Limited (Noticee no. 1)
- Fortis Hospitals Limited (Noticee no. 2)
- Shri Malvinder Mohan Singh (Noticee no. 6)
- Shri Shivinder Mohan Singh (Noticee no. 7)
- Religare Finvest Limited (Noticee no. 8)
Holding
The direction at para 17(iii) of the Confirmatory Order restraining Religare Finvest Limited from disposing of or alienating its assets or diverting funds (except for day-to-day business operations and complying with RBI's CAP) was modified to additionally permit restructuring of debts/loans, assignment of financial assets to ARCs, raising of capital, borrowing and other activities essential for revival of RFL, subject to strict adherence to RBI's Corrective Action Plan and applicable laws.
Full text
_____________________________________________________________________________________ Order in the matter of Fortis Healthcare Limited Page 2 of 8
_____________________________________________________________________________________ Order in the matter of Fortis Healthcare Limited Page 3 of 8
_____________________________________________________________________________________ Order in the matter of Fortis Healthcare Limited Page 4 of 8
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Source: SecMarx — sebi:WTM/GM/IVD/19/2019-20. 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.