Singh brothers in blame recreation over Fortis mess
New Delhi July 2 After investigating the accounts of ‘Fortis Healthcare Limited’, a legal firm called ‘Luthra & Luthra’, it has been concluded that both Singh Bhai Malwinder Singh and Savinder Singh are responsible for the bad financial management of the company.
The newly-formed Fortis Board, led by Ravi Rajgopal, on Wednesday revealed the outcome of this inquiry.
It was found during the investigation that the Fortis unit had sanctioned the unutilized loans of Rs 445 crore to the three companies associated with Singh’s brothers without the approval of the board, whereas the management had earlier expressed objection to this.
According to Fortis, some “systemic defects” were also found in certain cross-corporate deposits (ICDS). These deposits were used by the borrowers to repay the loans and on the basis of which these loans were accepted.
Fortis has begun legal proceedings for the collection of these pending ICDS. The report of this inquiry has been sent to the Securities and Exchange Board of India (SEBI) and the Sirius Fraud Investigation Office (SFIO).
However, Malwinder Singh has denied any such mistake. He said he is waiting for Fortis Healthcare’s Luthra & Luthra report. “I would like to say here that the funds have never been misplaced and have never been misused.”