Fortis Healthcare case: SFIO shoots off notice to company, demands more documents

Fortis Healthcare today said it has received a notice from Serious Fraud Investigation Office asking for certain information and documents to be submitted by March 9. The corporate affairs ministry has been looking into the affairs of Fortis Healthcare after reports about the financial irregularities emerged regarding the healthcare firm.
The company has received a notice from Serious Fraud Investigation Office, Ministry of Corporate Affairs seeking certain information and documents as mentioned therein to be submitted by March 9, 2018, Fortis Healthcare said in a BSE filing.

"The company is in the process of collating the said information and will be sharing the same in due course. The financial implication/ compensation/ penalty and quantum of claims have not been referred in the aforesaid letter and hence cannot be ascertained, " it added. The development comes against the backdrop of reports that the Fortis Healthcare's promoters -- Malvinder Singh and

Shivinder Singh -- allegedly took at least $78 million out of the company without any board approval about a year ago. The SFIO, under the ministry, mainly probes white collar crimes.
Fortis Healthcare has also come under the lens of markets regulator Sebi, which has launched an investigation into the alleged regulatory lapses.