 "Shrinking to Expand: Dumping earlier plans to demerge key verticals and list each, brothers Shivinder Mohan Singh (left) and Malvinder Mohan Singh are now focusing on lending and securities arms")
The Serious Fraud Investigation Office (SFIO) will initiate a probe into alleged financial irregularities at Fortis Healthcare and Religare Enterprises, according to a senior official.
The corporate affairs ministry has been looking into the affairs of Fortis Healthcare and Religare Enterprises after recent reports that financial irregularities have emerged at the two companies.
A senior ministry official said an SFIO probe has been ordered against the two companies.
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The SFIO, under the ministry, mainly probes white collar crimes. Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses.
On Saturday, Fortis informed the exchanges that Sebi, which has instituted an investigation, has sought information and documents by February 26.
Sebi Chairman Ajay Tyagi, on February 10 said that the regulator was examining the Fortis issue. "We also received a reference on Religare from somewhere I cannot disclose and it will be looked into," he had said.
