Malvinder & Shivinder Singh took Rs 5 bn out of Fortis without board nod

India's tycoon Singh brothers took at least Rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago, people with knowledge of the matter said. 

The funds were reported on the balance sheet of Fortis Healthcare Ltd as cash and cash equivalents, but the money was routed and placed under the control of the Singhs at the time, according to the people. Fortis's auditor, Deloitte Haskins & Sells LLP, refused to sign off on the company's second-quarter results until the funds were accounted for or returned, the people said, asking not