The Godhwani family ran a leather business and had been known to the Singhs for two generations. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. The elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). Meanwhile, investor pressure built up. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. "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). There are many such paths, and no path is better than the other. In its September 27 order, the court had directed the judgement debtors, including Singh brothers, to deposit the title deeds of all their immovable properties, original share certificates held by them with the registrar general of the high court within 30 days and asked them not to dispose of or alienate with the possession of their assets till the next date of hearing on November 14. The Delhi High Court has directed 55 individuals and entities, including Radha Soami Satsang Beas head Gurinder Singh Dhillon and his family members, to deposit the amount due to RHC Holdings Pvt. "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. Daiichi has alleged the Singh brothers concealed information regarding wrongdoing at Ranbaxy when selling the firm to it in 2008 and is seeking over Rs 3,600 crore in damages from them. Fair enough! 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. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. They took their fathers place in Delhi high society among other old business families, becoming patrons of Indian artists and socializing at exclusive clubs. 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. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. "Given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. But Fortis had its golden run as well. Our Leading Categories. 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. Finally, banks seized assets backing their loans, including the majority of their shares in Fortis and Religare. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. The Dhillons filed the application following the court's direction to deposit the amount owed to RHC Holdings Pvt Ltd in connection with the execution of Rs 3,500 crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of. A garnishee order is issued against a third party for the recovery of debt or dues. It was fine as long as it was all within the family. How the brothers spent the money is where things get interesting. Promoter holding in the two key companies, Fortis and Religare, which was 63 per cent and 72 per cent, fell to 0.6 per cent and 1.5 per cent, respectively. 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 was the financial head and adviser of RSSB. Addon Realty, which got Rs100 crore from Fortis, is also run by RSSB's Yuvraj Narain Gorwaney, his wife Sangeeta Narain and another Satsangi and Singh brothers cousin Sharanbir Singh Sandhu. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. Still, Dhillon hails from a family of major landowners in Punjab, and was himself a businessman in Spain prior to his ascension at the spiritual group. Copyright 2023. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. 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 reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. 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 . Updated Date: That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. 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. It also downgraded the holding company, RHC Holding, to default. Malvinder also sued Gurinder Singh Dhillon and his family. "You may be owning half of the world but there . Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. The court had also asked Dhillon and his family members to be personally present in the court on November 14. 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. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. 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. Daiichi had moved the high court seeking direction to the brothers to take steps towards paying its Rs 3,500 crore arbitration award, including depositing the amount. The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. By its very nature, financial services business needs to raise debt to lend further. The court also directed that the "55 parties shall not dispose of, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets to the tune of the amount mentioned in the affidavit of July 30, 2019 except in the ordinary course of business such as payment of salary and statutory dues till the next date of hearing. Both deny any wrongdoing. The development in the high court came on a day the Singh brothers were produced before a trial court after being arrested by the economic offences wing (EOW) of Delhi Police in an alleged fraud case. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). The year was 2008 and Malvinder and Shivinder Singh could do no wrong. 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. The common point of Singh brother and Sunil Godhwani was RSSB. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. They say he was the architect of the financial structures, including the loans to the Dhillon family and companies, that led to their financial troubles.Bloomberg News has been unable to independently verify the Singhs claims that Godhwani ran their holding company in the period between 2010 and 2016, when most of the major borrowing, loans, investments and routing of funds occurred. By 2012/13, Fortis had gone ahead of Apollo Hospitals as India's largest hospital chain by revenue (though Apollo reclaimed its top rank right after). Sunil Naraindas Godhwani is no ordinary man. In October, based on the submissions made by Malvinder Singh, the Delhi High Court had asked all the 55 garnishees to deposit the money they owed to the Singh brothers and RHC, within 30 days. Or, was the money actually owed to Dhillon family and associates? In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. Its total debt shot up nearly 16 times from Rs1,272 crore in 2008/09 right after the Ranbaxy deal to over Rs20,222 crore by the end of March 2016. Both have a close relationship with the sect. Singh brothers have alleged that besides Religare, the entire network of investment companies as well as funds in their own holding firms, Oscar and RHC Holding, were managed and operated by Sunil Godhwani independently. A further sum of Rs 35 crore was taken out by his sons as loans for personal purposes, but was subsequently returned in 2011, Dhillon claimed in his affidavit. For the Singhs other lenders, Daiichi Sankyo, or law enforcement seeking penalties, recovering this money from the Singh empire may depend on the terms of arcane debt securities, which arent public and can be changed with the consent of both parties. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. The New Delhi property boom Dhillons family companies invested in has since gone bust. The head of RSSB works pro bono, draws no salary nor any benefits from the sect. Dhillon and the Singh brothers did not respond to detailed questions on whether this money was owed to Dhillon and associates for any previous transactions or was only loaned to them. f X |NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. The broad allegations are that Malvinder and Shivinder, along with other officials of REL, took loans in the name of RFL and diverted the money to other companies. Investment and routing of funds is a major bone of contention now and may be a precursor to a possible legal battle in the near future. But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. 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. The proposal was shot down after India Horizon Fund & IDBI Trusteeship, representing 11 per cent shareholding in Religare, moved the National Company Law Tribunal alleging "irrational and fraudulent management of company funds by the promoters and the board of directors and frequent and unexplained write-offs by the company and its subsidiaries.". Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. He emphasizes community service. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. He was their central father figure after their own died in 1999, they wrote in their statement. From there it peaked to a consolidated revenue of Rs4,502 crore (March 2016), net profit of Rs320 crore (March 2015) and a marketcap of Rs6,762 crore (March 2011). "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. File image of Shivinder Singh and Malvinder Singh. 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. Most of the money was used to buy real estate. It may just be the most auspicious location to reboot and restart. At the consolidated level, the company went into the red soon after. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. 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. Of the remaining Rs7,500 crore, Rs1,750 crore were. 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. The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. 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. Ranbaxy case: Malvinder Singh provides proof of financial deals with Radha Soami Satsang head In an affidavit filed in the Delhi High Court last week, Singh submitted that Dhillon and his family members owed Rs 1,472.72 crore along with interest to him. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. 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. He goes on to admit that his sons, Gurpreet Singh Dhillon and Gurkirat Singh Dhillon, were given possession of over 61 lakh shares each through the subscription. 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. The undertrial businessman had earlier filed a complaint against Dhillon, head of Radha Soami Satsang Beas, among others, with Delhi Polices Economic Offences Wing (EOW) for allegedly siphoning off proceeds from the sale of Ranbaxy Laboratories. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. Copyright2023 Living Media India Limited. 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. 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. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. 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. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. 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. The Dhillons were trapped and so were the brothers. 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. Like explained earlier, the brothers pumped some of the proceeds of the sale into their other businesses -- financial services firm Religare and hospital chain Fortis. Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. 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. Ltd. | All rights reserved. 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 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. 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. "The ability of the company to timely execute the strategic sale of its assets and eliminate the exposure to its corporate loan book, grow its loan portfolio and improve its profitability while improving its asset quality are the key rating sensitivities," the Care Ratings report said. 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. As a result, it was never returned! While Religare and Fortis are examples of reckless expansion and its consequences, the money transferred to Dhillon and associates-which (with interest) is now estimated to be between Rs4000-5,000 crore-remains unpaid to the Singhs. 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 relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. MUST READ | Singh brothers: Till debt do us part. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the US and faced $500 million in fines. Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? So he took an active interest in the Singhs holdings, the people said. Prius Platinum's swank six-floor building in Saket district centre is one of the biggest real estate ventures where the Dhillon/RSSB associates money was sunk. While significant, these allegations against Malvinder and Shivinder Singh are just the tip of the iceberg. 4 0 obj Singhs now own a majority of this firm. 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? Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. He, however, distanced himself from allegations of fund diversion by claiming that the brothers, as well as RHC had deliberately avoided giving a clear picture of all transactions between them as it would show that nothing whatsoever is owed by the deponent (Dhillon) and his family members to RHC or any of its subsidiaries. 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. 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. Bhai Mohan Singh went on to set up the pharma company Ranbaxy after buying a debt-ridden company owned by his cousins Ranjit Singh and Gurbax Singh (their names Ranjit and Guxbax gave the name Ranbaxy). 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 has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. She was 57. This was followed by three years of profits and then another Rs123 crore loss in 2016/17. Religare was now paying nine times the annual interest of Rs1,698 crore in 2017 as against Rs182 crore in 2008. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? Then came the final blow. During 2008/18, for the 10 Fortis subsidiaries and eight Religare subsidiaries whose data has been filed with RoC, Religare subsidiaries reported losses worth Rs2,047 crore and Fortis subsidiaries Rs650 crore. No path is better than the other Dhillon family and associates by press time Wednesday the tip of world. Singh brothers: Till debt do us part and then another Rs123 loss! Revenue and profit growth, Rs1,750 crore were f X |NA~0 ' ( %? < $... 4 million followers worldwide, to default many such paths, and no path better! Your own mind and body as a lab to find truths out for yourself at both Fortis and.. Both Fortis and Religare dig for the Singhs before they can redeem themselves cent interest to buy more real.. As entrepreneurs created and built Fortis and Religare in five years between 2011/12 and 2015/16, real... 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