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.
The high court imposed various bail conditions on him, including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
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.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
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).
After completion of its mandatory tender offer in Fortis Healthcare and Fortis Malar Hospitals, Malaysian health care giant IHH Healthcare is aiming to add 2,000 beds in a bid to double down on value creation in India. IHH, which is Asia's largest multinational private healthcare provider, currently has over 5,000 beds across a combined network of 35 hospitals and 11 states.
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.
The Supreme Court refused to interfere with an order dismissing Jacqueline Fernandez's plea to quash an ECIR in a Rs 200 crore money laundering case involving Sukesh Chandrasekhar.
"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."
A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold.
Sources said she had stopped eating for the past few days and had constantly been making calls and sending emails to the two brothers.
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.
Ranbaxy chief Malvinder Singh and Max Healthcare chairman Analjit Singh on Monday said they have reached a settlement on the will of Ranbaxy founder Bhai Mohan Singh and decided to withdraw all cases against each other.
The court posted the matter for hearing on October 22.
Actor Jacqueline Fernandez on Monday arrived at the Patiala House court in the national capital in connection with the Rs 200 crores money laundering case involving alleged conman Sukesh Chandrashekhar.
Manipur Governor Shivinder Singh Sidhu administered the oath of office and secrecy to Ibobi Singh.
The Enforcement Directorate has recently arrested Chandrashekhar in a fresh money laundering case linked to duping former Religare promoter Malvinder Singh's wife by posing as the Union home and law secretaries.
The investigating officer of the Delhi police, in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.
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.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
Singh, who was instrumental in building required capabilities in the organisation said his role at Fortis did not allow him to spend time with his family, as the reason behind his resignation.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
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.
In 2014, Sun Pharma agreed to buy Ranbaxy -- which was then controlled by Daiichi.
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
Whistle-blowers allege the brothers violated court orders by selling assets like art and real estate worth crores bought by funds from their companies.
The high court said the investigation has shown the crime proceeds were used for air travel and purchase of high-end branded gifts for Bollywood celebrities.
Sidhu, a former secretary of civil aviation, replaced Arvind Dave, whose five-year term has expired.
Markets regulator remains silent but could probe possible violations of takeover code or under fraudulent trade practices, say lawyers.
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.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The Rs 1,550-cr deal expected to be completed by March.
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
Not far back, in 2010, SRL Diagnostics, promoted by former Ranbaxy promoters Malvinder and Shivinder Singh, acquired the diagnostic services business of Piramal Healthcare for Rs 600 crore (Rs 6 billion).
Four members of a Sikh family, including two minor children, have died in Atlanta, Georgia under mysterious circumstances, with the police terming it as a murder-suicide.
Religare Enterprises, the financial services group promoted by Malvinder Singh and Shivinder Singh, was in advance talks with the Ajay Piramal group to buy a 60 per cent stake in the latter's private equity and fund management venture, Indiareit Fund Advisors, for Rs 175 crore, said an executive close to the development.
Fortis Healthcare said its offer to acquire the shares of Parkway Holdings, the Singapore-based company that runs Asia's largest hospital network, will close on August 12.
Religare Enterprises founders Malvinder Singh and Shivinder Singh on Wednesday made an open offer to the company shareholders at Rs 457 a share, which will increase their stake further by 20 per cent.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances