Markets regulator Sebi on Monday slapped Rs 1 lakh fine on Fortis Healthcare Holdings — the erstwhile promoter entity of Fortis Healthcare Ltd — 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 Ltd in 2017 following the sale of shares. Sebi observed that promoters shareholding in Fortis Healthcare Ltd (target company) was 39.82 per cent as on July 18, 2017, in which Fortis Healthcare Holdings' stake was 39.71 per cent.
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 per cent and 37.7 per cent, respectively, on July 27, 2017. Since this change in shareholding was more than 2 per cent, 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.