A tribunal in Singapore had passed the award in favour of Daiichi holding that the Singh brothers had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the department of justice, while selling its shares in it. Even if Religare's boom and bust cycle may be blamed on its then managing director & CEO Sunil Godhwani, what about Fortis, which was under direct executive management and control of the Singh brothers? That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. He has not been seen either in Beas or with the Singhs since. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. The movement of funds at Fortis were part of normal operations at the time, and only later became related-party transactions, according to the brothers. For reprint rights: Syndications Today, Malvinder Mohan Singh with Takashi Shoda, then President & CEO, Daiichi Sankyo Company, after signing the Ranbaxy sale deal, Sunil Godhwani, Former MD & CEO, Religare Enterprises, Download the latest issue of Business Today Magazine just for Rs.49, The Baba, Singh Brothers and the Squandered Rs 225,00,00,00,000, Posted by: Anneshwa Bagchi, Aug 20, 2018, 12:12 PM IST, Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. The religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. The third figure in the Ranbaxy brothers' corporate battle is Gurinder Singh Dhillon, the head of Radha Soami Satsang Beas among the largest such communes in the world, with 20 mn followers in 90 countries, yet fiercely secretive. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. These loans proved costly to the Singhs, coming on top of other major financial commitments that were underway. The Dhillon family would eventually become Religares second-largest shareholder, after the Singhs, with money lent to them by the brothers, according to people familiar with the matter. Godhwani dreamt big. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Fortis: This is the story of the sorry fall of an empire that had risen from the ground up in the span of a few decades As many as 500,000 devotees sometimes visit the ashram at once to listen to his teachings of how meditation, vegetarianism and high moral values can help one escape the cycle of death and rebirth. However, a few years after the sale, the Singh brothers ran into trouble when Daiichi accused them of concealing information and dragged them to an international court. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit The Singhs holding company also loaned at least 7 billion rupees to cover losses at a firm that had been spun out of Religare to manage the financial firms administrative costs. Malvinder and Shivinder Mohan Singh, the brothers (nephews of the guru) who founded Religare and transferred millions of shares in the company to the guru's sons also are RSSB initiates. At the heart of the allegations over which the Singh brothers have been arrested is a company that was once led by Malvinder and Shivinder -- Religare Enterprises Limited (REL). Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. There are many such paths, and no path is better than the other. gurinder singh dhillon family pics. When the value of Ranbaxy was at its peak, the brothers sold their 33.5% stakes to the Japanese pharma giant Daiichi Sankyo group and got loaded with Rs 9,576 crore cash in hand from the deal in 2008. He was appointed as the spiritual head of the RSSB sect in 1990 after the demise of the former spiritual head Maharaj Charan Singh Ji. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. It was fine as long as it was all within the family. By that time, Dhillon was playing a big role in the Singhs finances. Only the headline has been changed.). It had said that if any party disputes the claim of RHC Holdings or other judgment debtors, they should file an affidavit to place on record the contention. There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. Theyve had their public shareholdings seized by lenders. While the Singhs are believed to have blamed Godhwani, the latter blamed it on the Singhs saying Daiichi Sankyo's allegations after the Ranbaxy deal scuttled his chances of securing the bank licence. But most importantly, Rs2,700 crore were transferred to companies owned by the Dhillon family, Gurinder Dhillons wife Shabnam Dhillon and companies associated with RSSB's senior functionaries. %cu$#;O7s::U;MWW The brothers went on to use their cash reserves aggressively to build up Fortis and Religare -- which would each top $1 billion in market value as Indias demand for health and financial services surged. After resolving the current issues and overcoming the present challenges, we will make all possible efforts to rebound, taking learnings from these difficult circumstances, and continue our entrepreneurial journey in India and be a part of the nation building exercise.". The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). Download The Economic Times News App to get Daily Market Updates & Live Business News. Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. Business chatter has been abuzz ever since brothers Malvinder and Shivinder Singh's debt pile of nearly Rs 13,000 crore came to light two years back. Now, why Malvinder and Shivinder Singh transferred the Rs 2,700 crore (now valued at around Rs 5,000 crore) to Dhillon and his family is not known. But Fortis had its golden run as well. The Delhi High Court has directed 55 individuals and entities, including Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members, to deposit the amount due to RHC Holdings Pvt Ltd in connection with the execution of Rs In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. Feb 25, 2009)," says the brothers' response. But, for the first time ever, here is the inside story of how the brothers not just lost their wealth but also their companies and reputation. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. NEW DELHI: Head of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon and his family members approached the Delhi high court on Friday saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. Singhs now own a majority of this firm. Flash back to December 2015 when Shivinder resigned from the Fortis board to head to the Radha Soami Satsang in Beas. The transactions alleged by Dhillon are in violation of Securities and Exchange Bureau of India (SEBI) norms on promoters role in rights issues of companies. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. It also directed Malvinder, RHC Holdings and Oscar Investments Ltd to file additional affidavits to disclose their claims and dealings with the garnishees and also the amount due to them. Or, in Shivinder's apparent desire to emerge as the sect's next spiritual head, the brothers gave loans to further his chances of being backed by Dhillon to head the sect and its sprawling operations. The allegation against them is that they took loans in the name of Religare Finvest Limited -- a subsidiary of Religare -- and diverted the funds to other companies. Theyre under a criminal probe by financial authorities over 23 billion rupees missing from their listed companies. "Daiichi Sankyo since long has been making all possible efforts to try and sabotage the Fortis/SRL/Religare deal (blocking infusion of funds/equity and demerger). 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Malvinder himself moved to Singapore to manage international operations. The drama got a dash of spice when Shivinder gave up his corporate fiefdom in 2015 and declared he was taking a spiritual path and going to live at the Radha Soami Satsang in Punjab, only to return last year and allege that his brother had run their businesses to the ground. Over the years, the brothers main holding company loaned about 25 billion rupees ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter. Radha Soami / Sant Mat is about understanding the soul and is a path of spirituality to escape the endless cycle of reincarnation and return home to God. Singh brothers Ranbaxy Gurinder Singh Dhillon India shabnam Radha Soami (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times .) Interestingly, both Malvinder and Shivinder also blamed Sunil Godhwani for their downfall. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. The brothers ultimately lost the case and were ordered by a Singapore tribunal to pay $500 million (around Rs 3,500 crore at current rates). All members of the spiritual commune, including the guru, are expected to support themselves financially, and the sects representatives said the Masters business dealings are a personal matter separate from his role at the spiritual group. xX#
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k.{{,zzM6_Aq 7T$l(T1 8p \t Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. The matter is reserved for judgement. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Meanwhile, Malvinder and Shivinder are also on the hook for the $500 million (around Rs 3,500 crore) that they have been ordered to pay to Daiichi Sankyo over the irregularities in the Ranbaxy sale. The entire transaction was handled by Respondent No. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. New Delhi: Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: Gurinder Singh Dhillon, popularly known as the Baba, is closely linked to the story of Malvinder and Shivinder Singh's downfall. On the basis of this verbal agreement, on 11.02.2010, Respondent No. Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. In 2016, a Singapore tribunal asked the Singh brothers to pay 2,600 crore to Daiichi Sankyo in a case involving Ranbaxy Laboratories' regulatory issues. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. Then came the final blow. "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy brothers spent a total of Rs 440 crore on the transaction. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. Theyve also lost the family mansion. They were remanded to four days police custody. He strategised to make Religare a global financial powerhouse as the firm expanded rapidly into lending (Religare Finvest), capital markets (Religare Securities), wealth management (Religare Wealth Management), asset management, insurance, housing finance as well as commodities. Religare Enterprises had revenues of Rs896 crore, net profit of Rs91 crore and a market cap of Rs2,819 crore at the time of the Ranbaxy deal. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. What money, you ask? Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. Malvinder also sued Gurinder Singh Dhillon and his family. But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. On Friday, a day after they were arrested for alleged diversion of funds and causing a loss of 2,397 crore to Religare Finvest Ltd (RFL), brothers Malvinder Singh and Shivinder Singh, former promoters of Religare Enterprises Ltd, were remanded in four-day Police custody. stream The Godhwani family ran a leather business and had been known to the Singhs for two generations. Firstpost - All Rights Reserved. The answer lies hidden in a maze of a dozen companies. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments Dhillons attempt to sell these properties to Blackstone have not materialised so far. Dhillon battled cancer and recovered from it in 2013. RoC records show that between 2008 and 2016, group holding companies RHC Holding and Oscar Investments pledged immovable properties and shares valued at up to Rs15,276 crore to various banks and financial institutions, including to Nimmi Singh, to raise resources between them. Religare's application was rejected by regulator RBI. RHC Holding and Oscar Investments, which had debt of barely Rs15 crore and Rs60 crore, respectively, in March 2009, had total outstanding debt of Rs4,063 crore and Rs840 crore in March 2016 & March 2017, respectively (the latest data available with RoC). The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. At least 16 at last count. May 20, 2021; kate taylor jersey channel islands; someone accused me of scratching their car The Singhs are appealing the ruling. Dhillon hasnt been accused of any wrongdoing. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. Or, was the money actually owed to Dhillon family and associates? RHC, the holding company, also made personal loans of 5 billion rupees to Dhillon family members, via a network of shell companies, people familiar with the matter said. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). "Their M&A driven global expansion strategy was, perhaps, conceived without finer understanding of the complexities and challenges that come in the scale-up of such a plan. At the consolidated level, the company went into the red soon after. Some of those outlays were financed with money borrowed from the Singhs listed companies, and when combined with other Singh investments gone bad threw their empire into a debt spiral, a Bloomberg News analysis of public records and interviews with 10 people familiar with the finances of both camps showed. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. Meanwhile, investor pressure built up. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. Singhs have claimed the money was given to a company that was not a related party when it was transferred but was subsequently acquired by the promoters and hence it became a related-party transaction. They sold it. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. NEW DELHI: Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd,. As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. The high court had on January 31, 2018 upheld the international arbitral award passed in favour of Daiichi and paved the way for enforcement of the 2016 tribunal award against the brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for Rs 9,576.1 crore. Between personal loans and complicated company structures, its hard to tell exactly how much Dhillon still owes his nephews and what assets they still hold. This has ultimately led to insignificant shareholding remaining with us in these businesses," Malvinder and Shivinder Singh said in a joint email response to our questions. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. But that was not to be. Well, that. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. Who lost the money? Justice J R Midha sought response of RHC Holding, the Singh brothers who are the followers of the RSSB sect and Daiichi on the plea of Dhillons. Funds were then disbursed to other companies controlled by the Dhillons. % Lending arm Religare Finvest also reported a net loss of Rs350 crore in 2016/17 while its debt shot up from Rs1,695 crore in 2008 to Rs17,218 crore in 2016. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. He was their central father figure after their own died in 1999, they wrote in their statement. y|jmdkwO?Jy|vx
`&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? From 2011 onwards, the brothers holding company went on to sink at least 12 billion rupees to cover losses at their investment banking venture Religare Capital Markets Ltd. Other loans went to Ligare Voyages Ltd., a money-losing charter airline. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. He emphasizes community service. The Singhs owned a 51 percent stake in Lowe. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. Copyright 2023. While Fortis will now be owned by Malaysia's IHH Healthcare, which has emerged as the highest bidder, Religare is controlled by PE firm Bay Capital. 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