Will look into Fortis issue, ‘reference’ on Religare: Sebi chief

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Will look into Fortis issue, ‘reference’ on Religare: Sebi chiefNEW DELHI: Stock market regulator Securities and Exchange Board of India on Saturday said that it was “examining” issues related to Fortis Healthcare and had also “received a reference” on Religare, which has the same promoters, which will be “looked into”.

Sebi chairman Ajay Tyagi did not elaborate on the issue during a press conference.

The healthcare company, which runs a chain of hospitals, has been under the spotlight ever since its promoters, Malvinder and Shivinder Singh, stepped down from the board of directors on Thursday. A day later, Bloomberg reported that a year ago, the promoters took at least $78 million (around Rs 500 crore at current exchange rate) out of the company without board approval.

On Friday evening, Fortis Healthcare told stock exchanges that the funds had been deployed in secured short-term investments with companies in the normal course of treasury operations. It had also denied reports that its auditor had refused to sign the company’s second quarter results.

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