Fortis Healthcare initiates recovery of funds from Singh brothers

Probe reveals lapses in loans given to entities linked to Malvinder-Shivinder

A probe ordered by Fortis Healthcare has found systemic lapses with respect to loans granted to entities related to former promoters, resulting in doubtful recovery, widening of loss, and litigation. 

The hospital chain posted a net loss of Rs 9.32 billion in the fourth quarter (Q4) of 2017-18, against a loss of Rs 680 million in the same quarter last fiscal year. The loss widened due to exceptional items of Rs 8.33 billion, including Rs 5.8 billion being the provision for inter-corporate deposits (ICDs), among others. The financial result was not reviewed by Deloitte, the company’s auditor. 

The company also