In the charge sheet, filed by ED's Special Public Prosecutor Nitesh Rana, the probe agency has accused all three of money laundering, punishable under sections 3 and 4 of the Prevention of Money Laundering Act.
ED on January 10 filed a charge sheet against Shivinder Singh and his brother Malvinder before a Delhi court in a case related to alleged misappropriation of funds at Religare Finvest Ltd.
Investigating agencies have a task at hand to find out the money trail -- where it had flown and who were the end beneficiaries
The EOW of Delhi Police is also on the lookout for former Ranbaxy CEO Malvinder Singh.
Sebi, in an ad interim ex-parte order of October 17, 2018, had directed that FHL take necessary steps to recover Rs 403 crore along with interest from the Singh brothers and various promoter companies within three months.
The top court asked the Singh brothers to consult their accountants as also financial and legal advisors and apprise it by March 28.
The other people who are named in the complaint include Gurkirat Singh Dhillon, Gurpreet Singh Dillon, Shabnam Dhillon, Godhwani kin - Sunil and Sanjay.
The proposed open offer is scheduled to be launched from December 18 to January 1, 2019.
A class action suit is one that allows a large number of people having a common cause of action to jointly file or pursue a litigation.
Fortis Healthcare's Malvinder Singh and Shivinder Singh referred as Singh brothers, have also promised of their support to the management and Board for the successful transition.
Analysts say Fortis is fast reaching a point of make or break. Only a deep pocketed strategic investor could salvage the company.
In the long drawn court battle between Japanese drugmaker Daiichi Sankyo and the former Ranbaxy promoters Malvinder and Shivinder Singh, the Delhi High Court today ordered the Singh brothers to declare the value of their debt free shareholdings in various group companies by February 8.
In a bid to tide over cash crunch at the group level, Malvinder Singh and Shivinder Singh are looking to divest majority stake in Fortis Healthcare, Religare Health Insurance, Religare Securities and eventually in Religare Enterprises, The Economic Times reported Saturday.
Billionaire brothers Malvinder and Shivinder Singh are in talks with private equity group TPG Capital to lay off a significant minority stake in Fortis Healthcare, reports The Economic Times.
Following last year's failed attempts by Malvinder Singh and Shivinder Singh to sell stake in financial services group Religare Enterprise of which they are promoters, the brothers are reportedly in talks to sell Religare Invest, according to a story in The Economic Times.
Malvinder Singh and Shivinder Singh have been planning to offload their entire holding or a minimum 51 percent stake in the company. As of June 2015, the promoters hold 50.93 percent in Religare.
The income from operations during the period under review was Rs 1,049.46 crore, as against Rs 928.08 crore a year ago.
The company said that J P Morgan and Religare Capital Markets acted as financial advisors to Fortis for the transaction.
Shivinder Singh, executive vice-chairman, Fortis Healthcare says the company clocked a growth of 12 percent this year in its India business at about Rs 970 crore.
"The divestment enables Fortis to further strengthen balance sheet and substantially improve net debt equity ratio, creating further room for growth," Malvinder Singh, executive chairman, and Shivinder Singh, executive vice chairman of Fortis Healthcare said.
By selling global assets, Fortis is cutting losses but does that justify the method in its acquisition madness?
The transaction is part of a plan by Religare's founders, billionaire brothers Malvinder and Shivinder Singh, to bring down their holding to 49 percent in order to qualify for a banking licence in India.
Four solutions for India's health care sector
With networth of USD 21.5 billion, Mukesh Ambani has retained his title as India's richest person for sixth year in a row, while Mexican business tycoon Carlos Slim has emerged as wealthiest in the world for the fourth consecutive year.
Fortis Healthcare shares rose over 7 percent on Monday after the company said it was selling its 64 percent stake in Australia's Dental Corp Holdings to British medical services group Bupa for 270 million Australian dollars.