Sebi issues demand notice to Singh brothers in fund diversion case

Failure to pay the fines could lead to attachment and sale of properties

The Securities and Exchange Board of India (Sebi) has issued demand notices for recovering a total of Rs 42.85 crore from erstwhile promoters Malvinder Singh and Shivinder Singh, and four other entities in a matter related to Religare Enterprises.

Failure to comply within 15 days could lead to attachment of bank accounts and the sale of immovable and movable properties.

The recovery is for a case relating to alleged siphoning of Rs 2,315 crore from Religare Finvest (RFL), a subsidiary of Religare Enterprises, to benefit the promoters and connected entities.

The recent demand notice includes interest and recovery cost along