SAT dismisses Shivinder Singh's plea against Sebi's loan recall order

SAT said Singh was a director and promoter in both the companies when the alleged diversion of funds took place

The Securities Appellate Tribunal (SAT) has dismissed an appeal of Shivinder Mohan Singh, former promoter of Fortis Healthcare, against Sebi's order asking Religare Enterprises and Religare Finvest to recall loans.

The Securities and Exchange Board of India (Sebi), through an interim order in March 2019, had asked Religare Enterprises and Religare Finvest to initiate steps to recall loans worth Rs 2,065 crore extended to Singh and several other entities.

Funds were diverted from the books of Religare Finvest for utilisation of promoters and promoter group entities of Religare Enterprises, as per the interim order.

The direction came after the regulator received complaints alleging