Court :
SEBI
Brief :
Securities and Exchange Board of India (hereinafter referred to as “SEBI”) had passed an ad interim ex-parte order dated October 17, 2018 read with order dated December 21, 2018 (referred to as ‘the Interim Order’) in the matter of Fortis Healthcare Limited against 11 entities, including Best Healthcare Pvt. Ltd., Fern Healthcare Pvt. Ltd. and Modland Wears Pvt. Ltd. (all these 3 entities collectively referred to as ‘the Noticees’) for their prima facie involvement in diversion of funds amounting to Rs.403 Crores from the books of Fortis Hospitals Limited (FHsL), a 100% subsidiary of Fortis Healthcare Limited (FHL), for the utilization of promoters and promoter group entities of FHL, in violation of the provisions of the SEBI Act, 1992 and the regulations framed thereunder.
Citation :
WTM/GM/IVD/ID2/48/2020-21
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