In its 13 February petition, Fortis asked the regulator to invoke Section 28 A, under which a person can be arrested and held in prison.
Sebi has already passed an order against Fortis to recover ₹500 crore from the Singh brothers for funds diverted to the promoter and promoter-related entities in December.
Fortis has filed an application with the Securities and Exchange Board of India for de-promoterisation of Singh brothers as it has “severed” all links with them.
Raghuvanshi replaces Bhavdeep Singh, who resigned from the troubled hospital chain in November.
The acquisition is in line with Sun Pharma’s strategy to strengthen its global dermatology presence.
The Fortis board is expected to meet next week to appoint representatives from Malaysia’s IHH Healthcare.
Following the CCI approval, IHH could pick up a controlling stake in Fortis by infusing around Rs4,000 crore for equity shares at Rs170 apiece.
TPG-Manipal, which had earlier agreed to pay Rs 180 per share, may have lowered its bid.
Malaysia’s IHH Healthcare Bhd. on Tuesday revised its offer to Rs175 per share from its earlier offer Rs160 per share, which it made on 24 April.
On Tuesday, the board of Manipal Education approved the merger of its hospital assets with that of Fortis Healthcare.