Investigation going on priority basis in Fortis, Religare matter: Sebi

Markets regulator Sebi on Wednesday said investigation is going on a priority basis into the matter related to alleged lapses at Fortis Healthcare and Religare Enterprises.

The regulator has been looking into the alleged lapses after reports that financial irregularities emerged at the two companies.

The development came against the backdrop of reports that Fortis Healthcare's promoters Malvinder Singh and Shivinder Singh took at least $78 million out of the company without any board approval about a year ago.

"Investigation is on in Fortis and Religare. It is going on a priority basis," Sebi Chairman Ajay Tyagi told reporters after the board meeting here.

Apart from Sebi, the Serious Fraud Investigation Office (SFIO) has also initiated a probe into the alleged financial irregularities at the two companies.