Both have a close relationship with the sect. Such large and complex matters will need time," says the Singh brothers' response. At least some of these firms have gained notoriety ever since law firm Luthra & Luthra, which was hired to investigate a case of Rs473 crore being siphoned off from Fortis Healthcare, mentioned Fern, Modland and Best as the companies to whom the money was transferred, allegedly against management advice and without proper sanctions. Matters came to a head in November 2016 when subsidiary Religare Finvest had to write off Rs794 crore due to non-receipt of dues from Strategic Credit Capital associated with ABG Shipyard. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. One of the sore points between the Singhs and Godhwani was Godhwani's failed commitment to the Singhs to secure a bank licence. So he took an active interest in the Singhs holdings, the people said. 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). Finally, banks seized assets backing their loans, including the majority of their shares in Fortis and Religare. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. f X |NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. But Fortis had its golden run as well. Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. The Singhs owned a 51 percent stake in Lowe. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. 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. 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 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. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. A garnishee order is issued against a third party for the recovery of debt or dues. Sunil Naraindas Godhwani is no ordinary man. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. ", The 55 garnishee parties also include RSSB's associate companies, former. Theyre under a criminal probe by financial authorities over 23 billion rupees missing from their listed companies. 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. 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. 19 (RHC) transferred Rs 219.5 crore each to GP (Gurpreet) and GK (Gurkirat), which was then used to subscribe to the rights issue, resulting in an allotment of 61,83,013 shares of REL to each of GP and GK. 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. Faced with a growing debt pile and allegations of financial wrongdoing, the brothers started divesting their stakes in Fortis and Religare and ultimately ended up losing control of their businesses. 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. A claim that is denied by Singhs. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. 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. Earlier this year, Bloomberg News reported that the Singhs had taken 5 billion rupees from Fortis without board approval and that a New York investor had filed a lawsuit accusing the brothers of siphoning 18 billion rupees from Religare. In the first, being the head of the sect and a father figure to Singh brothers, Dhillon had an upper hand; in the second, equal partners Malvinder and Shivinder were led by Malvinder; in the third, Godhwani, being backed by the Dhillons, pretty much ran Religare independently. 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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. 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. It had also urged the court to attach their assets, which may be used to recover the award. 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. It is this firm that had borrowed the amount from Axis Bank. These loans proved costly to the Singhs, coming on top of other major financial commitments that were underway. But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. As a result, it was never returned! Also, Gurinder Singh Dhillon and his family and several others have been ordered by the Delhi High Court to pay money owed to the Singh brothers so that they in turn can pay Daiichi. Both deny any wrongdoing. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. 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 The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. Many of them have even declared the same email ID in the RoC records: cs.gysgroup@gmail.com; and are also being audited by the same firm. The Singh brothers' downfall drove a wedge between them. We will continue to sell our assets in compliance with the court orders in order to clear all our debts. Fair enough! Though several businesses were losing money, the biggest drain on Religare were subsidiaries Religare Capital Markets and Ligare Aviation; the latter was run by Godhwani's brother Sanjay Godhwani. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. 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. Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. (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 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. Two years after the Singh-Daiichi deal, Ajay and Swati Piramal also sold their pharma business to Abbott Laboratories for Rs18,000 crore. Feb 25, 2009)," says the brothers' response. 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? He was educated at the Lawrence School, Sanawar, in the Shimla Hills of Himachal Pradesh, [2] and obtained his bachelor's degree in Commerce from Panjab University, Chandigarh. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. Naivete is surely not one of their virtues. The Singhs are appealing the ruling. 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. 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. The head of RSSB works pro bono, draws no salary nor any benefits from the sect. Godhwani did not respond to questions sent to him. The year was 2008 and Malvinder and Shivinder Singh could do no wrong. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. 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 Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. Godmen and spiritual societies are part of the lives of India's super rich 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. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. I think hes a businessman in his mind first, and a guru second, said Brian Hines, an American who was a member of the sects U.S. community for 35 years and has visited Beas. They sold it. He emphasizes community service. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . By India Today Web Desk: Brothers Malvinder and Shivinder Singh, once successful businessmen who were on Forbes' list of billionaires, are now staring at the prospect of spending at least the next few days in jail. 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. Legitimate business people may not want to come to India.. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. 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. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the, ( Originally published on Oct 08, 2019 ), GST Mopup Rises 12% to 1.5 Lakh Crore in Feb, Decathlon in Talks with Indian Govt to Sell Other Brands, Moodys Raises India GDP Forecast to 5.5%, Daiichi-Ranbaxy case: HC asks Radha Soami head, 54 others to deposit Rs 6,000 crore, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. 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. Dhillon battled cancer and recovered from it in 2013. Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. THE HEAD of Radha Soami Satsang Beas, Gurinder Singh Dhillon, has, for the first time, admitted to financial transactions between himself and ex-Religare Enterprises (REL) promoters Malvinder and Shivinder Singh. 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. Updated Date: He is now called the "self-proclaimed third brother". e8 Pull off dreamy pastels like Kalyani Priyadarshan, From Sid-Kiara to SRK-Gauri: Bollywood couples and their age gap, Komal Sharma looks stunning in these clicks, Nutritionist-approved PCOS diet plan for weight loss, Be an anti-fit queen like these Twood divas, Sidharth- Kiara's first red carpet appearance post wedding, Sonam Kapoor oozes elegance in this striking look, We asked ChatGPT what trended in India in 2020 and this is what it said, Ten most delinquent photoshoots of Meenakshi Chaudhary, Live: PM addresses post-budget webinar on Green Growth, Oscars to have Crisis Team after Will Smith slapgate, Adani's older brother plays key role at embattled dynasty, Terms of Use and Grievance Redressal Policy, The Dhillons filed the application following the court's direction to deposit the amount owed to RHC Holdings Pvt Ltd, 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. What is known is that the Dhillon family used the money to invest in real estate. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. A statement from JC Sethi, secretary of Radha Soami Satsang Beas, said Dhillon played a role helping the Singhs assert control of their fathers businesses following his death, and in guiding them after. 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). 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. A detailed mail sent to Dhillons and Singhs did not elicit any response on this. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan The Singhs say they didnt conceal any information. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? 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. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. "Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. The dues have now ballooned to . the head of the Radha Soami Satsang. The Singhs lost control and stepped down from both the firms in February 2018. 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). But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. SGGD Projects is run by brothers Vaibhav and Rahul Wadhwa, both employees of RSSB at Beas. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. 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. Most of the money was used to buy real estate. Only the headline has been changed.). Of course, it is about money. 19s team, said Dhillon. 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. Radha Soami Satsang chief Gurinder Singh Dhillon along with his family members have cited various reasons seeking exemption from appearing before the Delhi HC on Nov 14. In an arbitration tribunal in Singapore, its new owner, Daiichi Sankyo, accused the Singhs of concealing the extent of its regulatory problems during the sale. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. 100% Secure and Trusted Payment. 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. The objective was to eliminate the annual licence fees. The proposed marriage, however, never went through as the two parted ways. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit It also downgraded the holding company, RHC Holding, to default. 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. "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. What transpired in the interim was a phase of reckless global expansion across Singapore, Hong Kong, Australia, Vietnam and Dubai funded entirely through acquisitions of over $1 billion. "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). In 2017 Fortis tried to buy back the assets of Singapore's RHT Trust which are located in India for Rs4,750 crore but met with opposition. Ranbaxy, Daiichi case: HC directs Radha Soami chief, others to clear RHC Holding dues This story is from October 11, 2019 TNN / Updated: Oct 11, 2019, 12:51 IST This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. The Dhillons filed the application following the court's direction to deposit the amount due 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 Ranbaxy Laboratories Malvinder and Shivinder Singh. Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. 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. 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. It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. An influential 'Baba' and his family with a weakness for materialism; two young businessmen loaded with nearly Rs10,000 crore from an asset sale; and a family confidante have together cooked a cauldron that Bollywood potboilers are made of. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. Download The Economic Times News App to get Daily Market Updates & Live Business News. With both Religare and Fortis slipping out of their hands, the brothers are believed to be operating out of one of the group's oldest offices at Hanuman Road while another office at Marina Building is readied. 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. 4 0 obj They say Godhwani was in charge of both Religare and RHC at the period in question. Firstpost - All Rights Reserved. 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. 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. The National Pension System or NPS is a measure to introduce a degree of financial stability Mutual Funds are one of the most incredible investment strategies that offer better returns Shivinder Singh (left) with his elder brother Malvinder Singh (File photo), Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. At the consolidated level, the company went into the red soon after. RHC says he was president there between 2016 and 2017. A follower of the sect, Godhwani was set to be sect head Dhillon's in-law as his daughter Simran was to marry Dhillon's younger son Gurkirat. 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 serious mismanagement under this leadership drew the attention and intervention of the regulators," says a statement issued by Religare in February this year, just before the brothers lost control. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. The Master can advise but he cannot make a choice for you, he added.Representatives for the spiritual group said the Master has no role in its administration or finances. Ltd. | All rights reserved. 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. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. But that was not to be. He was their central father figure after their own died in 1999, they wrote in their statement. Both agencies didnt respond to requests for comment. The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. 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 .) 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. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. Worth Rs843 crore in just the listed companies across realty, finance and pharmaceutical research on expansion! One decade Ranbaxy was facing in the Singhs, coming on top of other major financial commitments that were.. 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