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. Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. A garnishee order is issued against a third party for the recovery of debt or dues. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. 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. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. The court, in its September order, said the amount which has 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the registrar general of the Delhi high court within 30 days. But that was not to be. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. The New Delhi property boom Dhillons family companies invested in has since gone bust. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. Well, that. But l'affaire Dhillon-Singh leaves several unanswered questions: Were the brothers consumed by naivete in not just handing over a substantial chunk of their wealth to the Dhillon family and RSSB associates but also in giving Godhwani a free hand? The Dhillons were trapped and so were the brothers. Of that, it proposed to pay Rs500 crore to Religare Capital Markets, which was to pass this to its Mauritius arm Religare Capital Markets International Mauritius. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. Their constant blocking of any economically accretive proposals goes to show that their objective and motive is not to secure their award but rather being vindictive in nature to hurt the larger stakeholders of our group. Unfortunately, the adverse ruling by the Delhi High Court and the Hon'ble Supreme Court of India in the Daiichi Sankyo arbitration case, compounded the problems, resulting in severe liquidity pressures, which has triggered unanticipated defaults with banks and lenders. The proposed marriage, however, never went through as the two parted ways. Ltd. in connection with the execution of Rs 3,500-crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of Ranbaxy Laboratories Malvinder and Shivinder Singh. London: The wife of head of Radha Soami Satsang Beas (RSSB) sect passed away in the United Kingdom on Wednesday. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. We believe in the India growth story. chief Sunil Godhwani and his brother Sanjay Godhwani. Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . RoC records say Prius Commercial is 84 per cent owned by Dhillons wife Shabnam and 16 per cent by RSSB Delhi head Yuvraj Narain Gorwaney. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. In 2010, Singhs even got into a takeover battle for Singapore's Parkway vis-a-vis Malaysia's sovereign fund Khazanah. The brothers acknowledge having financial ties to Dhillon, and in written comments said they are in dialogue with the Dhillon family and its companies to address the money owed to them. It was also agreed upon that the shares being sold and/ or disposed of, if the price realised was higher than the subscribed prices, the upside would be shared 50:50 between RHC and the members of the deponents family (Dhillons) who had subscribed to the shares, he added. Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? Religare is now under the regulatory lens. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. This, RFL alleges, caused the company losses of Rs 2,387 crore. His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). On a recent Tuesday at the commune, a battalion of women volunteers sat at giant wood-fired griddles, making chapatis, the Indian flatbread. 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 . 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'. 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. By that time, Dhillon was playing a big role in the Singhs finances. 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. On February 16 last year, the Supreme Court had dismissed Singh brothers' appeal against the high court verdict upholding the international arbitral award, saying it was not inclined to interfere with it. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. 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. October 11, 2019 18:11:17 IST. Then came the final blow. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. Updated Date: Sunil Naraindas Godhwani is no ordinary man. But that was not to be. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). Funds were then disbursed to other companies controlled by the Dhillons. Sunil Godhwani is the former chairman of Religare and was once considered to be Malvinder and Shivinder's third brother. Dhillon hasnt been accused of any wrongdoing. 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. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. "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). Download The Economic Times News App to get Daily Market Updates & Live Business News. The court had also asked Dhillon and his family members to be personally present in the court on November 14. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. The monies were loans and advances given by RHC and the Singh brothers to companies such as Prius Real Estate, as well as to Sunil Godhwani, and Dhillon, Malvinder Singh had claimed in his affidavit. Our Leading Categories. He has not been seen either in Beas or with the Singhs since. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . It widened the rift. 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. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. On the other hand, the Dhillon family and RSSB associates got lured by the real estate sector, which was delivering phenomenal returns between 2008 and 2011. Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. 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. Both Religare and Fortis were extremely successful businesses. It was fine as long as it was all within the family. Godhwani consulted with Dhillon regularly on Religare, as would the Singhs on Fortis, the people said.In 2015, the younger brother, Shivinder, briefly took a hiatus from the business to work at the spiritual group full time.A photograph on the sects website shows Dhillon with a white beard, white turban and flowing white tunic. With both the Dhillons and the Singh brothers refusing to respond to detailed questionnaires, it's hard to decipher what transpired in their business dealings. They were remanded to four days police custody. Both have a close relationship with the sect. While many of these firms are alleged to be directly or indirectly controlled by the Dhillon family, the Dhillons themselves have had direct dealings with Singh family firms. As they moved to settle their dues by selling assets in group companies, Daiichi Sankyo moved court to protect its interest by securing several injunctions preventing them from divesting their assets or equity. Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers 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 Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. Of the remaining Rs7,500 crore, Rs1,750 crore were invested in Religare to fund its growth; about Rs2,230 crore was invested in Fortis' growth. Dhillon is the head of the spiritual sect Radha Soami Satsang Beas, which is a breakaway faction of the Radha Soami sect founded in the 19th century in Agra. Also Read: Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. 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. 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. The Singh brothers, who had not been on the board of Religare since April 2010, returned after the write-off. Who lost the money? As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. e8 Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. Fortis had grown to Rs828 crore in revenues and had reported its first net loss of Rs33 crore in six years in fiscal 2014/15. Theyre under a criminal probe by financial authorities over 23 billion rupees missing from their listed companies. He now blogs critically about it, having since left. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. The sale occurred just as the US Food and Drug Administration started raising questions about the Indian firms manufacturing practices and the safety of its drugs, although Ranbaxy denied the allegations at the time. It also downgraded the holding company, RHC Holding, to default. Minority shareholders took over at Religare. The sub-plots, which emerge larger than the main one, include personal tussles between family membersfather-son and sibling rivalriesbesides intense friendships that led to greater animosities. 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. 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. 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We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. He is now called the "self-proclaimed third brother". Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. And, this is where things took a turn for the bad. In 2016, the Singapore tribunal sided with Daiichi Sankyo in its long-running suit against the brothers, awarding the Japanese firm about $500 million in damages and interest. Singhs say that despite all the accusations by Daiichi Sankyo, Daiichi made a profit in 2015 (Rs223.30 crore from the sale of Ranbaxy to Sun Pharma; additionally Daiichi received benefits in the nature of interparty transfer of assets, dividends Rs53.74 crore, synergies in excess of Rs600 crore and tax benefits of over Rs8,000 crore amongst others). The garnishees who have filed the applications stating that they don't owe any money to RHC include RSSB chief's wife Shabnam Dhillon, sons Gurkirat Singh and Gurpreet Singh and daughter-in-law Nayan Tara Dhillon, Fortis FLT Lt Rajan Dhall Charitable Trust and various companies. The amount should be deposited with the courts registrar general within 30 days, according to the order dated September 27. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. The loan and the write-off is under regulatory scrutiny. For reprint rights: The Malvinder, Shivinder Singh story: Why the brothers, once billionaires, are in the dock, Supreme Court threatening to jail the brothers if they don't pay the tribunal award, Shivinder Singh sued Malvinder, accusing him of mismanagement, Sunil Godwani and a couple of other officials of Religare Enterprises Limited, Former Ranbaxy Laboratories CEO Malvinder Singh arrested in Ludhiana, Will see what needs to be done, says Meghalaya CM Conrad Sangma on alliance, Since 2005, have heard sentiments for reform, they havent materialised till date: EAM Jaishankar, PM Modi announces 'Start Up Bridge' between India, Italy, Govt bus driver climbs atop mobile tower to protest against conditions of buses, Early trends show BJP dominates in Tripura, Conrad Sangmas NPP leads in Meghalaya, BJP+ set to retain Tripura, Nagaland; Meghalaya heads towards hung assembly, Hathras rape-murder case: Court acquits 3, holds one guilty, SC directs Sebi to submit probe report in 2 months, sets up expert panel, BJP+ crosses majority mark in Tripura, says 'ready to accept all demands of Tipra Motha', Trends show NDPP-BJP alliance set to retain power in Nagaland, ahead in 39 seats, The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments, Rs 1,750 crore and Rs 2,230 crore was invested respectively in Religare and Fortis, both companies founded by the brothers, The remaining Rs 2,700 crore was mysteriously transferred to one Gurinder Singh Dhillon and his family. 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? It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. xX# }UTR=dlXyd2lRlF`*IER!7UV}O7z|fOT;5Dx>Umj[{?f7o1PhFygZRWw\?+ajyXVS&LmZ)L>Yk"cTIRJ$06;qQ\fqX0Z>.dU d]e(=,htKe`n:B$DcC!AWWe~GXJa,wa8l/p hHk;2|:O1bmlC_6c^rP=Db8)ZnE1QCZ6F%Mgn`;jWjcaB?r7k6U- k.{{,zzM6_Aq 7T$l(T1 8p \t "You may be owning half of the world but there . The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. By 2016, they couldnt pay back the latest in the series of loans that had been going in and out of Fortis for four years, which amounted to about 5 billion rupees. Dhillons attempt to sell these properties to Blackstone have not materialised so far. The Singhs say they didnt conceal any information. What is known is that the Dhillon family used the money to invest in real estate. How could they squander Rs22,500 crore, lose control of prized possessions such as Fortis Healthcare, once the country's largest hospital chain, and one of the largest NBFCs Religare Enterprises-all in a span of less than a decade? Theyre less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillons recommendation. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. 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. 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. "Today we have lost control of all our key businesses - Fortis, SRL and Religare in our committed effort to repay our debts and also as a result of invocation of pledged shares by the banks. There are many such paths, and no path is better than the other. How the brothers spent the money is where things get interesting. Since debt remained unpaid and the value of the pledged shares dropped due to build-up of losses at Fortis and Religare, the lenders invoked hypothecation. 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. The products made by Ranbaxy had always been of good quality which even the US FDA maintained in their statements (US FDA Press Statement dt. But it all begins and ends with money. The role of Godhwani and Radha Soami Satsang Beas (RSSB), a religious sect and the management who joined the business with Singh brothers are also on the radar. Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. 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 .) 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. The Singhs downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the worlds fastest growing major economy. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. Meanwhile, investor pressure built up. 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). Copyright2023 Living Media India Limited. The common point of Singh brother and Sunil Godhwani was RSSB. The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). Synopsis But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. By 2010, another business opportunity emerged. 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. Investigations into financial irregularities at both companies, although they ranbaxy brothers radha soami today as! A spiral by then and prices crashed get Daily market Updates & amp ; Business... 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