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Singh Brothers Say They Need Time To Resolve Issues

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The Singh brothers, accused of financial irregularities at both companies promoted by them, Fortis Healthcare Ltd. and Religare Enterprises Ltd., today said they needed time to resolve “complex” issues facing their family and businesses.

“We wish to say that given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities,” Malvinder Singh and Shivinder Singh said in a joint press statement.

The founders sought time from stakeholders to present facts that will allow for “balanced views”.

"We assure that we are NOT going anywhere and are addressing the issues with responsibility and sincerity. We will not shy away from any and all processes,questions, clarifications that need to be addressed; and we will provide all cooperation to ensure that the truth comes forth." - Malvinder Singh and Shivinder Singh Statement

India has ordered the Serious Fraud Investigation Office to inquire into reports of alleged siphoning of cash at Fortis Healthcare and financial irregularities at Religare Enterprises Ltd. by the Singh brothers.

Also Read: Religare Asks Regulator To Declassify Singh Brothers As Promoters

In recent filings with stock exchanges, Fortis Healthcare disclosed that it is being investigated by the Securities and Exchange board of India and has also been been asked to submit certain information and documents to the Registrar of Companies for Punjab and Chandigarh by March 3. No further details have been disclosed.

Meanwhile, NSE said all existing F&O contracts for Fortis Healthcare will expire on March 28, and no fresh contracts will be available if the firm fails to submit results for quarters ended September and December 2017 by March 1.

The Delhi-based Fortis Healthcare has sought a 15-day extension to declare earnings citing statutory auditors' inability to complete the audit before the stipulated board meeting.

Also Read: Why Brokerages Remain Bullish On Fortis Despite Founders’ Troubles

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