Fortis Healthcare listed on the National Stock Exchange (NSE) of India in May 2007. The company’s controlling shareholders, the Singh brothers, resigned in February 2018 citing a court ruling regarding the sale of Ranbaxy Laboratories in 2008. However, the next day, Bloomberg reported that Fortis’ auditors had uncovered missing funds and were refusing to sign off on 2Q18 results. A subsequent investigation found that Fortis had been lending money to three related companies from 2013 onwards, without board approval. The amounts were normally repaid just prior to the reporting period by that the companies were presently unable to repay the amounts. In October 2018, the regulator released the findings of its investigation, ordered the amounts be repaid and disciplined the relevant parties.

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