Serious Fraud Investigation Office to probe Fortis Healthcare, Religare Enterprises for alleged irregularities
The Serious Fraud Investigation Office (SFIO) will initiate a probe into alleged financial irregularities at Fortis Healthcare and Religare Enterprises, according to a senior official
New Delhi: The Serious Fraud Investigation Office (SFIO) will initiate a probe into alleged financial irregularities at Fortis Healthcare and Religare Enterprises, according to a senior official.
The corporate affairs ministry has been looking into the affairs of Fortis Healthcare and Religare Enterprises after recent reports that financial irregularities have emerged at the two companies.
A senior ministry official said an SFIO probe has been ordered against the two companies.
The latest development comes against the backdrop of reports that the Fortis Healthcare's promoters -- Malvinder Singh and Shivinder Singh -- took at least $78 million out of the company without any board approval about a year ago.
The SFIO, under the ministry, mainly probes white collar crimes.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses.
On Saturday, Fortis informed the exchanges that Sebi, which has instituted an investigation, has sought information and documents by 26 February.
Sebi Chairman Ajay Tyagi, on 10 February said that the regulator was examining the Fortis issue. "We also received a reference on Religare from somewhere I cannot disclose and it will be looked into," he had said.
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Malvinder Singh was arrested from Ludhiana and will be brought to Delhi on transit demand
Analysts have expressed concerns of over valuation in the company's $665 million acquisition of promoters' international business
ED arrests former Fortis promoter Malvinder Singh, ex-REL CEO Sunil Godhwani in Religare Finvest fraud case
The ED on Thursday arrested former Fortis Healthcare promoter Malvinder Singh and former CMD of Religare Enterprises Ltd (REL) Sunil Godhwani in a money-laundering case related to alleged misappropriation of funds of Religare Finvest Ltd (RFL)