It's been a while since the Indian financial press has reported on the financial fraud saga involving the Singh brothers, Malvinder and Shivinder, along with their cousin, Gurinder Singh Dhillon -- the guru of Radha Soami Satsang Beas, whose family reportedly ended up with close to a billion dollars worth of ill-gotten rupees.
But recently someone emailed me a link to a LiveMint story, "Fortis plans moving court to recover ₹403 cr from Singh brothers and promoters."
Download Fortis plans moving court to recover ₹403 cr from Singh brothers and promoters
Here's how the story starts out:
Fortis healthcare Ltd is likely to approach the Delhi High court seeking to recover ₹403 crore, which was allegedly siphoned off from Fortis by its former promoters, two people aware of the matter said.
The move follows an order dated 17 October by the Securities and Exchange Board of India (Sebi) that directed Fortis to take necessary action to recover ₹403 crore along with due interest from the former promoters, Malvinder and Shivinder Singh, and various promoter companies within 90 days. With the deadline being missed, Fortis is likely to approach the court in an ongoing case by Japanese drugmaker Daiichi Sankyo Inc.
Daiichi had moved the high court here seeking direction to the brothers to take steps towards paying its ₹3,500 crore arbitration award, including depositing the amount. It had also urged the court to attach their assets, which may be used to recover the award.
In its plea, Fortis is likely to urge the court that if any direction related to payment of the award is taken, Fortis funds and the Sebi order should be kept in mind. The case is likely to be taken up on May 10.
The amount Fortis is seeking, 403 crore rupees, is about $58 million.
That's how much SEBI, the Securities and Exchange Board of India, had determined was siphoned off int