Fortis Asks India to Arrest Tycoon Founders Accused of Fraud
- Singhs failed to repay $56 million ordered by market regulator
- Petition deepens legal jeopardy facing the former billionaires
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Fortis Healthcare Ltd. petitioned India’s market regulator to arrest its founders after the Singh brothers failed to repay 4 billion rupees ($56 million) that the watchdog had found they had fraudulently taken out.
The company earlier this month had requested the Securities and Exchange Board of India to use its legal authority to recover the money from Malvinder and Shivinder Singh, said Fortis spokesman. The regulator in October had ordered the Singhs, formerly controlling shareholders, to return the money, plus interest, within three months.