SAT asks Malvinder to deposit 50% penalty

New Delhi, June 8

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The Securities Appellate Tribunal (SAT) has directed businessman Malvinder Mohan Singh and Malav Holdings to deposit 50% of the penalty amount imposed by SEBI within six weeks in connection with violations in a case related to Fortis Healthcare.

If they deposit the amount, then the market regulator will not collect the remaining penalty during the pendency of the appeal, the appellate tribunal said in its order.

The amount deposited by the appellants will be kept in an interest bearing account and would be subject to the result of the appeal, it added.

The order came after Singh and others approached SAT against the capital markets regulator’s order passed in April, whereby it had slapped a fine of Rs 5 crore on Singh, who was the promoter of Fortis Healthcare, besides Rs 2.5 crore each on Malav Holdings, a company owned by Singh, and Gagandeep Singh Bedi, who was the chief financial officer of Fortis Healthcare. In addition, SEBI had barred Malvinder Mohan Singh and his brother Shivinder Mohan Singh from the securities market for three years. — PTI

Fortis Healthcare violations case

The amount deposited by the appellants will be kept in an interest bearing account and would be subject to the result of the appeal