We were aggressively expanding and investing heavily in various new hospital projects. But the global meltdown and crash of the markets put a lot of financial strain on us, says Habil Khorakiwala.
Sebi on Tuesday sent a notice to 7 entities, including Malvinder and Shivinder Mohan Singh, asking them to pay Rs 48.15 crore within 15 days in a fund diversion case of Religare Finvest. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
The Enforcement Directorate (ED) on Thursday arrested former Fortis Healthcare promoter Shivinder Mohan Singh in a money laundering case related to the alleged misappropriation of funds at Religare Finvest. A team of ED officials went to Tihar Jail and placed Singh under arrest as per the provisions of the Prevention of Money Laundering Act.
Fortis Healthcare Executive Vice-Chairman Shivinder Mohan Singh is stepping down from his position to join a philosophical and spiritual organisation.
In August, the ED had raided the residential premises of former Ranbaxy CEO Malvinder Mohan Singh and his brother Shivinder Singh in connection with a money laundering case.
Financial services group Religare Enteprises Ltd on Tuesday announced a top level management rejig with promoters - incumbent Chairman Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh - stepping down as members of the board.
The Supreme Court on Wednesday dismissed the plea for interim bail of former Fortis Healthcare promoter Shivinder Mohan Singh who along with others is accused of misappropriating Rs 2,397 crore of Religare Finvest Ltd (RFL) funds. Singh had sought interim bail for a short period on "humanitarian grounds" for helping his ailing mother to take part in the last rituals of his maternal uncle, who died on March 8 in Haryana. "We are of the opinion that the presence of the accused was not a must...," said a bench of Justices M R Shah and B V Nagarathna while dismissing the plea.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The high court imposed various bail conditions on him, including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
Malvinder "forged the signatures" of Aditi Singh, Shivinder's wife, in the documents of RHC Holdings Pvt Ltd, which along with Oscar Investments Ltd jointly owned financial services firm Religare Enterprises Ltd and hospital chain Fortis Healthcare Ltd, it said.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
In 2014, Sun Pharma agreed to buy Ranbaxy -- which was then controlled by Daiichi.
He was detained on the intervening night of Thursday and Friday in Ludhiana and was formally arrested on Friday morning after he was brought to New Delhi by a team of the Economic Offences Wing, Additional Commissioner of Police (EOW) O P Mishra said.
Fatehi was questioned at the Mandir Marg office of the EOW for hours on Friday.
Daiichi alleged that Singh brothers had concealed and misrepresented critical information concerning US Food and Drug Administration and Department of Justice investigations into Ranbaxy
Malvinder Mohan Singh and Shivinder Mohan Singh, the promoters of Fortis Healthcare, will acquire key subsidiaries of Hong Kong-listed Quality Healthcare Asia (QHA) for HK$1,541 million (approximately Rs 882 crore). QHA is the largest private integrated healthcare service platform in Hong Kong.
To pick up 65% in Hoan My Medical Corporation; deal to be completed in 45 days.
Move comes within months of acquiring Wockhardt hospitals. Fortis Healthcare, a hospital chain promoted by former Ranbaxy owners Malvinder Mohan Singh and Shivinder Mohan Singh, is close to a major acquisition overseas
Fortis Global Healthcare Holdings on Wednesday said it will acquire 30 per cent stake in Australia's Dental Corporation for about AUD 100 millions (about Rs 450 crore).
Malvinder Mohan Singh and Shivinder Mohan Singh, the promoters of financial services firm Religare Enterprises, will spend Rs 857 crore to acquire another 8 per cent in the company through a preferential allotment of shares and purchases from the open market.
Facing arbitration claims by Daiichi Sankyo, Ranbaxy's former Indian promoters - Malvinder Mohan Singh, his brother Shivinder Mohan Singh and family - are counting on certain clauses in the share purchase agreement (SPA) signed with the Japanese company on June 11, 2008, to claim immunity from damages.
The actor was accompanied by Pinki Irani who allegedly introduced her to Chandrashekhar, a senior police officer said.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
Chandrashekhar is accused of cheating many people, including high-profile individuals such as former Fortis Healthcare promoter Shivinder Mohan Singh's wife Aditi Singh.
Religare has engaged McKinsey to help it build an emerging market investment bank.
Religare, promoted by billionaire brothers Malvinder and Shivinder Mohan Singh, was in talks with Piramal for six to eight months to buy nearly 80 per cent in Indiareit for around Rs 300 crore (Rs 3 billion).
"Our intention has always been to provide value-for-money services," Shivinder Mohan Singh, MD, Fortis Healthcare.
A cross-border takeover thriller that not only saw corporate action but also diplomatic dealings and slugfests among bankers.
The US arm of Ranbaxy pleaded guilty to seven felonies relating to the manufacture and distribution of certain adulterated drugs
The ED in April provisionally attached Rs 7.27 crore funds of the actor under the PMLA apart from Rs 15 lakh cash as the agency called these funds as "proceeds of crime".
Hospital chain Fortis Healthcare's Rs 1,000 crore (Rs 10 billion) rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.
Ranbaxy Group company Fortis Healthcare Ltd on Monday said it plans to have 25 hospitals across the country in the next three years and is looking into the possibility of tapping the capital markets for expansion.
Fortis Healthcare Limited, part of Ranbaxy Group, has announced plans to increase the number of its hospitals from 10 to 25 in the next 3 to 4 years, with a vision to set up a world class super speciality network.
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
The 36-year-old actor has been questioned two-three times by the agency in the said case earlier.
It is alleged that Chandrashekhar to purchase gifts for Fernandez used illegal money, extorted by cheating high-profile people including former Fortis Healthcare promoter Shivinder Mohan Singh's wife Aditi Singh.
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