
Non-disclosure of Sahyadri-Manipal deal sparks probe
This comes shortly after the Pune Municipal Corporation sent two notices seeking an explanation from the hospital on the effect the deal might have on land ownership and health schemes coverage.
Joint charity commissioner Rajni Kshirsagar said, 'Sahyadri hospital has not given us any information about the recent transaction. Based on the news reported in the media, we have started an investigation through an inspector two days ago.
Further action will be taken after the investigation report comes.'
TOI reached out to Sahyadri for comment and a response was awaited till going to press.
You Can Also Check:
Pune AQI
|
Weather in Pune
|
Bank Holidays in Pune
|
Public Holidays in Pune
The transaction between Sahyadri and Manipal covers all 11 hospitals run by the former, but only one, the Deccan Road branch, is a charitable trust and covered under the Bombay Public Trusts Act, 1950. Being a charitable hospital, it is entitled to multiple benefits under taxation.
The management was bound to inform the joint charity commissioner's officer regarding any change in ownership or management of the hospital, which Kshirsagar said Sahyadri failed to do.
Furthermore, a letter was sent by advocate Sushrut Kamble to the officer of joint charity commissioner, alleging multiple violations of rules in these transactions.
In 1998, PMC leased a 23,000 sqft plot in Deccan to Konkan Mitra Mandal Medical Trust for a nominal fee of Re 1 per year, for 99 years, to provide affordable healthcare to the needy.
The trust later built Sahyadri hospital on the plot.
After news of the transaction came out, PMC's estate department and the health department issued a show cause notice, asking the hospital management for clarification on any changes in the ownership of the leased land and healthcare under various schemes.
In a statement, Amitkumar Khatu, Sahyadri's chief legal and compliance officer, said the transfer of shares to Manipal Group will not affect patient service, management, or the organisation's values.
Hospital's legal team meets civic chief
Earlier in the day, the Sahyadri Group of Hospitals' legal team met with municipal Commissioner Naval Kishore Ram, as well as officials from PMC's health and estate departments. An official who attended the meeting, on the condition of anonymity, said, 'There was a meeting between PMC officials and the Sahyadri management. The issues raised by various media reports pertaining to the recent transaction were discussed.
The legal head of the hospital gave verbal clarification that they will soon submit documents pertaining to questions raised about the transaction and other legal matters.'
Pune Municipal Corporation had raised questions about the proposed deal and whether or not it would affect the current health services provided by the hospital for patients covered under various govt-run health insurance schemes. The civic body also raised questions about changes, if any, pertaining to the land ownership following the deal.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Mint
an hour ago
- Mint
Kellton Tech Solutions share price skyrockets despite choppy trend in stock market today
Kellton Tech Solutions share price rallied as much as 6.22 per cent to ₹ 28.19 in Tuesday's trading session after the company announced that it has successfully implemented stock split. The stock opened at ₹ 28.22 apiece in early morning session on July 29, as compared to ₹ 26.54 on Monday. The multibagger stock has given significant returns to its long-term investors by surging over 575.12 per cent in five years. In an exchange filing dated July 29, the company further informed that the e face value of the equity shares has been revised from ₹ 5 to ₹ 1 each. ' The Sub-division (Split) of the Company's equity shares has now been fully implemented and the effect of the split is already reflected from Monday, July 28, 2025, for both existing and prospective shareholders. Please also note that, pursuant to the split - The face value of the equity shares has been revised from ₹ 5 (Rupees Five) each to ₹ 1 (Rupee One) each,' the company said in the filing on Tuesday. Kellton Tech Solutions announced a stock split in a 1:5 ratio, reducing the face value of each share from ₹ 5 to ₹ 1. The company set July 25, 2025, as the record date to determine eligible shareholders for this share split. '….the company has fixed Friday, July 25, 2025, as the 'Record Date' for determining entitlement of equity shareholders for the purpose of Sub-division(Split) of each equity share of Rs. 5/- (Rupees five only) each, fully paid-up into 5 (five) equity shares of Re. 1/- (Rupee one only) each, fully paid-up,' said the company in an exchange filing. Stock splits are corporate actions aimed at improving liquidity and encouraging greater participation from retail investors by reducing the price of individual shares, without altering the company's total market capitalization. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.


New Indian Express
3 hours ago
- New Indian Express
Financial inclusion drive targets 12,708 panchayats
HYDERABAD: A massive three-month Financial Inclusion campaign is currently underway across Telangana, targeting all 12,708 gram panchayats in the state. Launched on July 1 and running until September 30, the campaign aims to saturate enrolments under key social security and banking schemes at the grassroots level. The initiative is being carried out under the directives of the Centre's Department of Financial Services. As of July 27, special camps have been held in 4,400 gram panchayats. A total of 67,541 applications have been received for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), of which 42,027 beneficiaries have already been covered. Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 53,460 applications were received, and 30,803 individuals have been enrolled. For the Atal Pension Yojana (APY), 9,244 applications have been submitted, and 5,535 enrolments have been completed. Re-KYC procedures have been carried out for 9,313 PMJDY accounts and 9,138 non-PMJDY accounts. Additionally, 15,932 account nominations have been updated. This statewide campaign is being spearheaded by the State Level Bankers' Committee (SLBC), in collaboration with the Press Information Bureau (PIB), Telangana. Banks across the state, under the supervision of lead district managers and respective district collectors, are conducting camps to ensure the financial inclusion schemes reach every eligible citizen. The campaign focuses on opening new bank accounts, especially for unbanked adults, completing Re-KYC formalities for inactive accounts, and enrolling citizens in PMJJBY, PMSBY, and APY. It also aims to promote awareness about digital fraud prevention and the process for claiming unclaimed deposits, along with updating nominations in deposit accounts. Each gram panchayat is hosting at least one special camp, with banks assigned to areas based on their local presence. Citizens are strongly encouraged to attend these camps, complete necessary formalities, and update nominations to avoid future inconveniences, as accounts without Re-KYC may be frozen.


India Today
15 hours ago
- India Today
PMC Bank sanctions Rs 87 crore loan, releases Rs 0, dues balloon to Rs 150 crore
In what appears to be a textbook case of institutional failure and financial engineering gone wrong, a forensic audit has exposed a shocking gap between sanctioned credit and actual disbursement in a high-stakes case involving Punjab & Maharashtra Co-operative (PMC) Bank and a real estate audit reveals that PMC Bank formally approved loans amounting to Rs 87.5 crore for Prithvi Realtors and Hotels Pvt. Ltd., but no actual money ever left the bank's vaults. Yet, interest charges kept accruing over the years, pushing the so-called 'outstanding' to over Rs 150 by Deepak Singhania & Associates, Chartered Accountants, the audit was commissioned in the context of an ongoing arbitration dispute. The firm reviewed key financial records—loan approvals, mortgage documents, and account statements—all pointing to one disturbing reality: not a single rupee was transferred to the borrower's account after October 2012. The original facility began as a Rs10 crore mortgage overdraft. It was subsequently ramped up to Rs 87.5 crore, allegedly secured against a 53,680 sq. m. plot in Vasai, Thane. But post-sanction, the trail goes cold. No debit entries. No fund movement. Just rising interest liabilities on an empty audit report strikes hard and says, 'There is no substantiation of disbursement. No transaction entries. No repayment history. What exists is interest on a non-existent principal.'The issue took a darker turn when an arbitration tribunal reviewing the same case described the situation as deliberate deception. The panel flagged instances of forged documents, impersonation, and wilful misrepresentation, categorising the case as 'premeditated financial fraud of serious magnitude.'Citing landmark Supreme Court judgments, the tribunal declared itself unfit to adjudicate, emphasising that fraud of this scale lies outside the scope of the matter has escalated to the National Company Law Tribunal (NCLT), where legal arguments are set to revolve around the enforceability of a liability created without a corresponding experts suggest that this case may become a benchmark for identifying synthetic debt traps—where sanctioned loans never materialise, yet borrowers are legally chased for repayment on paper-based its core, the audit report exposes a dangerous financial loophole: a system where loans exist only in documentation, but the liability is real, enforceable, and crushing. And unless reined in, such mechanisms can destabilise the very foundation of responsible lending.- Ends