SEBI fines Fortis Healthcare Holdings for disclosure lapses

SEBI headquarters (Representative image) live bse live nse live Volume Todays L/H More × Markets regulator Sebi on Monday slapped Rs 100000 fine on Fortis Healthcare Holdings — the erstwhile promoter entity of Fortis Healthcare Limited — for disclosure lapses. Sebi found that Fortis Healthcare Holdings had failed to make timely disclosures about the change in shareholding in the prescribed format and has thereby violated the provision of Substantial Acquisition of Shares and Takeover (SAST) Regulations. The regulator noted that the shareholding of the former promoter entity decreased in Fortis Healthcare Limited in 2017 following the sale of shares. Sebi observed that promoters shareholding in Fortis Healthcare Limited (target company) was 39.82% as on July 18, 2017, in which Fortis Healthcare Holdings' stake was 39.71%. Subsequently, pursuant to the sale of shares of the target company by Fortis Healthcare Holdings during July 19-27, 2017, the stake of Fortis Healthcare Holdings and promoters in the target company decreased to 37.60% and 37.7%, respectively, on July 27, 2017. Since this change in shareholding was more than 2%, it required disclosure to be made by the holding company under the regulatory norms. "I note that the noticee had failed to make timely disclosures in the prescribed format and has thereby violated ...SEBI SAST Regulations, 2011," Sebi Adjudicating Officer G Ramar said in its order. Fortis Healthcare Holdings is the noticee.