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Capital markets regulator SEBI sent notices last week to four entities asking them to pay Rs 4.56 crore within 15 days in <keyword id="46994" type="General" weightage="100" keywordseo="fortis-healthcare" source="Orion">Fortis Healthcare</keyword>'s case of fund diversion and misrepresentations to conceal the fraud. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The four entities that received notices are -- Fortis Global Healthcare, RHC Finance, <keyword id="6984621" type="General" weightage="50" keywordseo="shimal-healthcare" source="Orion">Shimal Healthcare</keyword> and ANR Securities. The demand notices came after the entities failed to pay the fine imposed on them by the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) in May 2020. In four fresh notices dated June 9, SEBI directed them to pay Rs 4.56 crore, which includes interest and recovery cost, within 15 days. In the event of non-payment of dues, the regulator will recover the amount by attaching and selling their moveable and immovable properties. Besides, they will face attachment of their bank accounts. Also, the regulator takes the route of arrest and detention in prison to recover the amount. In May 2022, SEBI imposed penalties totalling Rs 38.75 crore on 32 entities, including these four entities in the case related to the diversion of funds of <keyword id="161042" type="General" weightage="50" keywordseo="fortis-healthcare-ltd" source="Orion">Fortis Healthcare Ltd</keyword> (<keyword id="5209318" type="General" weightage="80" keywordseo="fhl" source="Orion">FHL</keyword>) and misrepresentations to conceal the fraud. It levied a fine of Rs 1 crore each on the four entities. The matter goes back to 2018 when a media report came out that the promoters of the listed FHL had allegedly taken massive funds out of the listed company. It also pointed out that Deloitte Haskins &amp; Sells LLP, the statutory auditor of FHL, had refused to sign on the company's second-quarter results until the funds were accounted for. Subsequently, the regulator initiated an investigation into the matter to examine possible violations of the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). In its probe, SEBI found that a systematic scheme of fraud was devised by the erstwhile promoters of FHL to funnel the resources of a listed company behind the facade of investment through Inter-Corporate Deposits (ICDs) or short-term loans to various intermediate entities for the benefit of RHC Holding, an entity which was indirectly owned and directly controlled by the erstwhile promoters. The funds aggregating to Rs 397 crore were diverted from FHL to RHC Holding, through a wholly-owned subsidiary of FHL -- Fortis Hospitals Ltd. The funds were allegedly routed through a network of entities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/61-of-young-adults-in-india-likely-to-smoke-e-cigarettes-in-the-future-most-believe-they-are-non-addictive-study/articleshow/100989858.cms">61% of young adults in India likely to smoke e-cigarettes in the future, most believe they are non-addictive: study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/here-are-nifty-50s-top-gainers-in-the-last-six-months/slidelist/100990324.cms">Here are Nifty 50’s top gainers in the last six months</a>

SEBI issues demand notices to 4 entities in Fortis Healthcare fund diversion case

Ramesh "Sunny" <keyword id="5886401" type="General" weightage="100" keywordseo="balwani" source="Orion">Balwani</keyword>, the Indian-origin former chief operating officer of a US-based failed blood-testing start-up, Theranos, has lost his bid to remain free while he appeals his conviction on fraud charges that prosecutors said risked patient health and defrauded the firm's investors of millions of dollars, according to a media report. A federal judge on Thursday, in a 17-page ruling, denied the motion by Balwani to remain free until his appeal to a higher court is resolved, the CBS News channel reported. US District Judge <keyword id="4723270" type="General" weightage="50" keywordseo="edward-davila" source="Orion">Edward Davila</keyword> held a nearly two-hour hearing on Balwani's motion in mid-February but delayed ruling until six days before the convict must report to prison. Balwani, 57, was sentenced in December last year in California to 12 years and 11 months in federal prison for fraud that risked patient health by misrepresenting the accuracy of Theranos blood analysis technology and that defrauded the blood-testing company's investors of millions of dollars. In addition to the 155-month prison term, District Judge Davila sentenced Balwani to three years of supervision following his release from jail. Balwani was ordered to surrender on March 15, 2023, to begin serving his prison sentence. In the order issued late Thursday, District Judge Davila wrote that although Balwani "is not likely to flee or pose" a danger to the community, "the most important requirement for staying free while the 9th Circuit Court of Appeals looks at the case was not met, the report said. The convict did not show that there was a "substantial" error in the trial that would "likely result in a reversal or new trial," the report added. Balwani was employed from September 2009 through July 2016 at the Palo Alto-based blood-testing company founded in 2003 by his former girlfriend, <keyword id="2450348" type="General" weightage="50" keywordseo="elizabeth-holmes" source="Orion">Elizabeth Holmes</keyword>, who was once touted as Silicon Valley's rising star. Balwani and <keyword id="3105" type="General" weightage="50" keywordseo="holmes" source="Orion">Holmes</keyword>, who was the firm's chairperson and CEO, claimed Theranos developed a "revolutionary blood analyser" that could run any blood test run by conventional labs using only a minor blood sample drawn via a fingerstick rather than the traditional draw from a vein, US Attorney <keyword id="14530905" type="General" weightage="50" keywordseo="stephanie-hinds" source="Orion">Stephanie Hinds</keyword> said in a statement at the time of the trial. The duo asserted that the Theranos proprietary analyser produced results that were cheaper, more reliable and less variable than the existing methods and obtained results faster than ever possible before. However, proof from last year's trial demonstrated that Balwani and Holmes knew that the analyser performed only a few basic tests and was slower than existing devices. According to the statement, The duo repeatedly used conventional machines to obtain the blood test results that the Theranos analyser was supposed to perform. They led investors and the public to believe that Theranos was conducting all its tests using only its analyser. Trial evidence showed that the fraud brought "spectacular personal wealth" to Balwani, who owned nearly 30 million shares of Theranos - over 6 per cent of the company - worth hundreds of millions of dollars at the peak of the fraud. Last year, Davila sentenced Holmes to 11 years and three months in federal prison and ordered her to surrender to begin serving her sentence on April 27, 2023. Federal criminal charges were initially filed against Balwani and Holmes in June 2018. In July 2020, a federal grand jury returned a superseding indictment charging both with two counts of conspiracy to commit wire fraud and ten counts of wire fraud. In July this year, Balwani was convicted by a federal jury on all counts after a four-month trial. Balwani was tried separately from Holmes, and in her trial, Holmes was not convicted of all counts. Balwani was born in Pakistan, but his family is said to have moved to India. He moved to the US from India during the 1980s and studied at the University of Texas. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/iit-kanpur-licenses-gene-therapy-to-reliance-life-sciences/articleshow/98539624.cms">IIT Kanpur licenses gene therapy to Reliance Life Sciences</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/karnataka-records-its-first-h3n2-variant-death/articleshow/98539607.cms">Karnataka records its first H3N2 variant death</a>

Top Theranos executive Sunny Balwani loses bid to stay prison-free during appeal

<keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword> is <keyword id="52011" type="General" weightage="20" keywordseo="south-asia" source="Orion">South Asia</keyword>'s <keyword id="16104235" type="General" weightage="20" keywordseo="weakest-economy" source="Orion">weakest economy</keyword>, and it will take a herculean effort to pull the country out of poverty, reported Islam Khabar. Pakistan is in the news for its economic meltdown amid natural disasters, food shortages, and poverty. Pakistan had unprecedented floods in July last year, devastating large swathes of farmlands. The forex reserves in the country which hit a new low of USD 4.6 billion would only be enough to pay for foreign import bills for three weeks. The analysts put Pakistan's need for relief at USD 33 billion. The world helped then and has renewed its pledge. Moved by the intervention by the UN Secretary-General, better-off nations have come forward with generous commitments of around USD 10 billion. Sensing the urgency, friends including Saudi Arabia and the UAE have chipped in with four billion dollars this month, reported Islam Khabar. It has been six months since the flood waters ebbed. But on-land traveller (SF Aizaduddin, Dawn January 11, 2023) writes that they remain underwater, with no sign of water management or renewed cultivation. It is understandable up to a point, though. But after so many months, there is an acute food shortage. Imagine the country with one of the world's most irrigated fertile wheat-growing land has a shortage of flour and no money to import it. Market reports say a PKR 1200 bag of 20 kg of flour has shot up to PKR 3,00, reported Islam Khabar. Dragging talks with the International Monetary Fund (IMF) put PKR at three months low. The Express Tribune (January 12, 2023) quoted a currency exchange expert, "The Pakistrupee's fair value is the one prevailing in the black market at Rs 260-270 to a dollar. The government has artificially kept the currency overvalued. It should let market forces determine the exchange rate meet an IMF's condition." Unsurprisingly, warning of another global recession, the World Bank on January 13, 2023 forecasted Pakistan's economic growth to slow further to two per cent during the current year -- down by two percentage points from its June 2022 estimate, reported Islam Khabar. The new excuse is climate change as if only Pakistan is affected. Prime Minister Shehbaz Sharif says the country will need USD 16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand climate change. Sharifs earlier called out Imran Khan for 'begging'. Now Khan is returning the same compliment. He had globe-trotted with a begging bowl, now he asks why Sharif 'wasted' money on going to the Geneva conference where aid pledges were made. 'Begging' continues, no matter who rules Pakistan. But, the country fails to acknowledge the damage caused by the China-Pakistan Economic Corridor to the fragile Himalayas in Gilgit-Baltistan, reported Islam Khabar. Farmers are reluctant to increase the area under wheat cultivation because of the delay in the announcement of support prices. They are demanding an "Agri-emergency" due to fertiliser shortage and weak crop outlook. Pakistan Kissan Ittehad (PKI) President Khalid Mehmood Khokhar said instead of boosting domestic wheat production, the government was "supporting farmers of other countries by buying the commodity at higher prices from them," reported Islam Khabar. In a report, it said Pakistan's declining economic output was also bringing down the regional growth rate. It forecast Pakistan's GDP growth rate to improve to 3.2 per cent in 2024, which would be lower than the earlier estimate of 4.2 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/investment-tips-from-indias-super-rich/slidelist/97062541.cms" style="">India super rich got richer, here’s is where they are parking their money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/finance-minister-the-other-brains-behind-the-union-budget-who-are-burning-the-midnight-oil/articleshow/97061266.cms" style="">Finance Minister &amp; the other brains behind the Union Budget who are burning the midnight oil</a>

Pakistan is South Asia's weakest economy: World Bank report

<ul><li>The workers' <keyword id="6369957" type="General" weightage="20" keywordseo="remittances" source="Orion">remittances</keyword> recorded an inflow of $2.4 billion in September . </li><li>Workers' remittances play an important role in <keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s economy as they are one of the major sources of foreign exchange.</li><li>The remittances decreased by 6.3 per cent as compared to the same period last year. </li></ul> Remittances sent by overseas Pakistani workers decreased 10.5 per cent in September 2022 on a month-on-month basis, the <keyword id="166005" type="General" weightage="20" keywordseo="state-bank-of-pakistan" source="Orion">State Bank of Pakistan</keyword> has said. The workers' remittances recorded an inflow of $2.4 billion in September as compared to the previous month's figure of $2.7 billion, the central bank said in its official data on Tuesday, adding that it decreased by 12.3 per cent on a year-on-year basis, <keyword id="106387" type="General" weightage="20" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword> reported. With a cumulative inflow of $7.7 billion during the July-September period in the fiscal year of 2023, the remittances decreased by 6.3 per cent as compared to the same period last year, the figures showed. In September, the remittances mainly came from <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> with $616.6 million, the UAE with $474.3 million, the UK with $307.8 million, and the US with $268.1 million, according to the bank. Workers' remittances play an important role in Pakistan's economy as they are one of the major sources of foreign exchange. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-is-facing-the-worst-shortage-of-nurses-in-recent-years-says-kpmg-report/articleshow/94789539.cms">India is facing the worst shortage of nurses in recent years, says KPMG report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/roger-binny-likely-to-replace-ganguly-as-bcci-president-shah-to-remain-secretary/articleshow/94788409.cms">Roger Binny likely to replace Ganguly as BCCI president, Shah to remain secretary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/karthikeya-2-hits-100-crore-viewing-minutes-in-48-hours-on-ott/articleshow/94788745.cms">'Karthikeya 2' hits 100 crore viewing minutes in 48 hours on OTT</a>

Pakistan's remittances decrease 10.5% in Sept

Islamabad [Pakistan], February 11 (ANI): Tough times are ahead for Pakistan as Islamabad and the International Monetary Fund (IMF) have failed to reach a staff-level agreement on a much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt. Analysts believe that the current economic crisis in Pakistan is a culmination of decades of faulty policies, reported The <keyword id="12543719" type="General" weightage="50" keywordseo="al-arabiya-post" source="Orion">Al Arabiya Post</keyword>. Pakistan is seeking a USD 7 billion bailout package from the IMF to prevent the collapse of the economy. While the visiting IMF delegation is asking for several reforms and compliance with its conditionality. The IMF mission, led by <keyword id="14447716" type="General" weightage="50" keywordseo="nathan-porter" source="Orion">Nathan Porter</keyword>, began talks on January 31 with the Pakistan government represented by Finance Minister Ishaq Dar for the ninth review of the assistance package. <keyword id="2093498" type="General" weightage="50" keywordseo="pm-sharif" source="Orion">PM Sharif</keyword>, while addressing an apex committee meeting in <keyword id="42462" type="General" weightage="20" keywordseo="peshawar" source="Orion">Peshawar</keyword> following Monday's mosque bombing that killed over 100 people, said, "As I speak, the IMF delegation is in Islamabad and they are giving Finance Minister Ishaq Dar and his team a tough time." Notably, the resource allocation pattern in Pakistan from one budget to another puts a disproportionate focus on populism and militarization. This has put an additional burden on its exchequer leading to an unsustainable fiscal gap, reported Al Arabiya Post. Pakistan Prime Minister <keyword id="11977746" type="General" weightage="50" keywordseo="shehbaz-sharif" source="Orion">Shehbaz Sharif</keyword> said on February 3 that the International Monetary Fund (IMF) was giving a "tough time" to his country over the restoration of stalled bailout package at a time of "unimaginable" crisis. Shehbaz Sharif admitted that the country has no option but to accept the IMF conditionality. "You all know we are running short of resources," Sharif said, adding the country was "facing an acute economic crisis". Moreover, the Pakistrupee, which has been in a steep slide since last week, hit a record low against the US dollar. The Pakistani rupee fell by 1.9 per cent to a record low of 276.58 per dollar in the inter-bank market the same day, according to the Central Bank, reported Al Arabiya Post. As the IMF bailout package is conditional on Pakistan implementing IMF suggested measures, its release would require Islamabad to take tough decisions. After the first round of technical talks between the IMF team and the government concluded on February 4, Pak Prime Minister observed that the lender was imposing conditions that were "beyond our wildest dreams". The discussions covered details of expenditure and revenue performance to identify the policy measures- both revenue and non-revenue- that would have to be taken over the next four months of the current fiscal year. The <keyword id="16465663" type="General" weightage="50" keywordseo="pak-prime-ministered" source="Orion">Pak Prime Ministered</keyword>, despite calling the IMF conditionality unimaginable acknowledged that the country had no choice but to implement the conditions. It has been seen that Islamabad has a policy obduracy and inertia that prohibit it to shun its populist policies and take reform measures on debt, fiscal, trade and structural fronts to address its economic woes, reported Al Arabiya Post. Analysts opine that the rocky road Pakistan is passing through is its own creation. In the first instance, a debt-dependent growth strategy is itself a sure recipe to fall into a debt trap, especially when industrial growth and diversification are limited and the export basket is primarily made up of primary goods. The debt dependence has also eroded the sovereignty of Pakistan and the country's economic and foreign policies are dictated by those who provide funds. Such dependence on external funding has impeded the structural transformation of the Pak economy and its indigenous growth impetus. Secondly, an artificially designed threat perception in Pakistan created by the vested interests in Islamabad's establishment has totally distorted the allocation of resources in the country giving undue emphasis on militarisation in the name of preparing for a threat that does not exist. The third most remarkable flaw in Pakistan's economic policy is a deliberate and foolhardy choice of missing the development opportunities generated by free trade, reported Al Arabiya Post. While Pakistan has a good location to leverage the presence of two giant economies in its neighbourhood, it has opted to isolate one of them and sided with the other at the cost of huge losses in trade creation. Not giving the Most Favoured Nation status to India and keeping the trade routes closed for direct trade is a self-defeating proposition. Islamabad could no more avoid taking hard decisions. The situation continues to deteriorate. With only around USD 3.10 billion in foreign exchange reserves, which can only cover 18 days' worth of imports, and a shortage of basic goods including food and medicine and ever-spiralling inflation, the choice to comply with the IMF conditionality would not be easy for Pakistan. (ANI)

Tough times ahead for Pakistan as talks with IMF fails over bailout package

<ul class="summary-list"><li>During the <keyword id="12958782" type="UNKNOWN" weightage="60" keywordseo="partition" source="Orion">partition</keyword> of <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> in 1947, brothers Sadiq and Sikka Khan found themselves living in separate countries.</li><li> A viral video captures the moment the brothers were reunited after 74 years apart.</li></ul>A viral video captured the heartwarming moment two brothers were reunited after being separated for 74 years by the partition of India.The <a href="https://www.youtube.com/watch?v=FJZdxT72cHo&amp;t=506s">emotional video </a>shows the brothers reuniting in Kartarpur Corridor, a visa-free border crossing connecting <keyword id="11893449" type="UNKNOWN" weightage="60" keywordseo="pakistan" source="Orion">Pakistan</keyword> and India.The two elderly men can be seen holding each other and crying after spending a lifetime apart.In 1947, India and Pakistan divided into independent countries, involving the transfer of millions of people of different religions in an event known as partition.Sikka Khan and his mother remained on the Indian side, while his older brother Sadiq Khan and father found themselves on the Pakistani side, <a href="https://indianexpress.com/article/cities/chandigarh/kartarpur-gurdwara-punjab-border-split-7722142/lite/">The Indian Express</a> reported.To find his missing brother, Sadiq Khan, now in his 80s, enlisted the help of Pakistani YouTuber Nasir Dhillon, who produces videos on a channel called <a href="https://www.youtube.com/channel/UC0HtDIIB5MtSzFVEhAQ0CLA">Punjabi Lehar</a> telling stories from partition, the paper said.Through an appeal on social media, Dhillon was able to track down Khan's long-lost brother in India in 2019, the paper reported.The brothers then <a href="https://www.youtube.com/watch?v=rtByOoR36-g">spoke for the first time </a>in a 70-minute video call. They exchanged stories about their difficult lives and revealed that they had lost both of their parents soon after partition. Sikka told Sadiq that their mother had died by suicide when he was four. Sadiq said their father got separated in the mayhem after partition and was never found, according to The Indian Express.It took two years for the brothers to finally meet in person, due to visa complications and the COVID-19 pandemic."The two didn't have passports, so first, we arranged those. Then, neither could get a visa. After that came COVID-19 and the borders were closed. Finally, the reopening of the Kartarpur Corridor in November presented an opportunity. We decided to arrange the meeting of the two there," Dhillon told The Indian Express.Sikka Khan, now in his 70s, lives in Phulewal, India, and said that he hoped to be given a visa by the Pakistani government so he could continue to visit his brother, The Indian Express reported."This village has always supported me. I have lived a good life here. I love them and they love me. But I also want to live with my brother," Khan said, according to paper."I hope the Pakistan government gives me a visa… I will keep coming back for a few months every year. This is how I want to spend the rest of my life."

Heartwarming video shows 2 brothers reuniting after being separated for 74 years by India's partition

The <keyword id="7642806" type="UNKNOWN" weightage="20" keywordseo="Key-Indian-equity-indices">key Indian equity indices</keyword> surged on Tuesday morning with the <keyword id="53232" type="COMPANY" weightage="20" keywordseo="BSE-sensex">BSE Sensex</keyword> gaining 400 points to trade well above the 40,000 mark. The <keyword id="2931774" type="PERSON" weightage="20" keywordseo="Nifty50">Nifty50</keyword> on <keyword id="163439" type="COMPANY" weightage="20" keywordseo="The-National-Stock-Exchange">the National Stock Exchange</keyword> (NSE) also rose over 100 points to trade near the 11,800 mark. Banking, finance and auto stocks led the sector-wide gains in the Indian market. A positive trend in the Asian markets also supported the domestic indices. Around 10.35 a.m., Sensex was at 40,158.59, higher by 401.01 points or 1.01 per cent from its previous close of 39,757.58. It opened at 39,990.75 and has so far touched an intra-day high of 40,217.27 and a low of 39,952.79 points. The Nifty50 on the National Stock Exchange was trading at 11,788.25, higher by 119.10 points or 1.02 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms" data-type="tilCustomLink"> Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-tata-motors-zee-entertainment-icici-bank-cadila-healthcare-sterlite-technologies-and-others/articleshow/79012842.cms" data-type="tilCustomLink">Top stock movers — Tata Motors, Zee Entertainment, ICICI Bank, Cadila Healthcare, Sterlite Technologies and others</a> <a href="https://www.businessinsider.in/international/news/india-hits-out-at-pakistan-for-taking-advantage-of-coronavirus-pandemic-to-enhance-cross-border-terrorism/articleshow/79013307.cms" data-type="tilCustomLink">India hits out at Pakistan for taking advantage of coronavirus pandemic to enhance cross-border terrorism</a>

You Searched For "India Pakistan prisoner exchange" and got 7 results

SEBI issues demand notices to 4 entities in Fortis Healthcare fund diversion case

PTI

Top Theranos executive Sunny Balwani loses bid to stay prison-free during appeal

PTI

Pakistan is South Asia's weakest economy: World Bank report

ANI

Pakistan's remittances decrease 10.5% in Sept

IANS

Tough times ahead for Pakistan as talks with IMF fails over bailout package

ANI

Heartwarming video shows 2 brothers reuniting after being separated for 74 years by India's partition

Alia Shoaib

Sensex jumps 450 points, Nifty above 11,800, bank stocks shine

IANS

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