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Sebi issues demand notices to 5 entities in Fortis fund diversion case
Capital markets regulator Sebi has sent notices to five entities asking them to pay Rs 5.7 crore within 15 days in Fortis Healthcare's case of fund diversion and misrepresentations to conceal the fraud.
In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The five entities that received notices are Saubhagya Buildcon, Zolton Properties, Tiger Developers, Torus Buildcon and Rosestar Marketing.
The demand notices came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (SEBI) in May 2020.
In five notices issued on Thursday, Sebi directed them to pay Rs 5.7 crore, which includes interest and recovery cost, within 15 days.
In the event of non-payment of dues, the regulator will recover the amount by attaching and selling their moveable and immovable properties. Besides, they will face attachment of their bank accounts. Also, the regulator takes the route o