SFIO to probe Fortis, Religare for alleged irregularities

New Delhi, February 19 

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 official at the ministry said a 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.

A Religare spokesperson said the company has not received any communication, written or otherwise, from any government authority with regard to such a purported investigation. “As such we have no knowledge of any investigation against the company,” the spokesperson said. — PTI

Ex-Ranbaxy promoters barred from selling assets

New Delhi: Former promoters of Ranbaxy Laboratories Ltd were on Monday directed by the Delhi High Court to maintain status quo on the assets they have disclosed during Japanese pharma major Daiichi Sankyo’s case to enforce a Rs 3,500 crore international arbitral award against them. The court restrained the former Ranbaxy promoters and brothers, Malvinder Singh and Shivinder Singh, and 12 others from selling or transferring their shares or any movable or immovable property till February 26, the next date of hearing, as disclosed by them before the high court earlier. They have disclosed their assets to the court in sealed covers on two occasions in December 2016 and March 2017 during the pendency of Daiichi’s plea. PTI