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Fortis Escorts Coronary heart Institute receives Sebi discover in funds diversion case

Fortis Healthcare announced on Friday that its subsidiary, the Escorts Heart Institute and Research Center Ltd, had received notice from the capital markets regulator SEBI regarding the alleged diversion of funds from the company by their former sponsors.

“SEBI has issued a notice under Rule 4 of the SEBI Rules (Procedure for Conducting Investigations and Imposing Sanctions) 1995, which, among other things, relates to Fortis Healthcare Limited under Section 15-I of the Securities and Exchange Board of India Act by 1992, Escorts Heart Institute and Research Center Limited (EHIRCL), “said Fortis Healthcare in a regulatory filing.

Fortis Healthcare announced on Friday that its subsidiary EHIRCL received the notification on April 15, 2021.

“The management and board of directors of the company, which was newly formed after NTK Ventures Pte Ltd (a wholly owned subsidiary of IHH Healthcare Berhad) became a sponsor of the company, are evaluating the communication received by EHIRCL in consultation with its legal advisors.” Fortis Healthcare said.

Fortis Healthcare’s shares were trading on BSE 1.09 percent lower at 203.90 rupees each.

(Only the headline and image of this report may have been updated by Business Standard staff. The rest of the content is automatically generated from a syndicated feed.)

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