The National Company Law Tribunal (NCLT) asked the company, RHC Holding Pvt, on June 14 to state why insolvency proceedings should not be initiated against it and decided to take up the matter on July 25.
The banking regulator inspected bank accounts of the borrowers and, in nine instances, detected transfers of funds to related parties of Religare such as Ranchem, ANR Securities and Religare Comtrade.
The government has given beneficiaries time till March 31, 2019 to apply for Aadhaar if they have yet to get the 12-digit unique identity number, even as the Ayushman Bharat scheme may be rolled out later this year.
The board will meet on July 13 to "consider and approve" raising funds through issue of securities on a preferential allotment basis, Fortis told BSE
Fortis had paid Singh Rs 20 crore as remuneration and additional reimbursement in relation to expenses incurred by him following his appointment on September 27, 2016.
Singh brothers may have taken fresh loans from Fortis to repay funds diverted from hospital chain, company says
In light of ongoing investigations into the transactions, the Fortis board said at this juncture it was unable to determine whether a fraud has occurred.
The funds were first routed from Fortis into three entities connected to the Singh brothers — Best Healthcare, Fern Healthcare and Modland Wears.
The Fortis board was reconstituted late in May after a group of minority shareholders objected to the way the bidding process was conducted.
Bidders will have to disclose the source of their funds to finance the transaction, including firm commitment letters from lenders and plans for retention of current management and employees.
The healthcare group was earlier expecting these offers by June 28 but has pushed the deadline after it delayed the announcement of its financial results for the fourth quarter and year ended March 31, 2018.
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