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 brothers' storied success story is matched by their equally storied downfall from grace. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. 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. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. A garnishee order is issued against a third party for the recovery of debt or dues. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. Dhillon hasnt been accused of any wrongdoing. 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. 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. There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. 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. But in the case of Malvinder and Shivinder Singh, the two Ranbaxy brothers and billionaire scions who ended up in jail, the narrative goes beyond a simplistic explanation. 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. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. (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. Heirs to a generations-old business house once worth billions, the brothers have in the last six months seen a dramatic fall in their fortunes. 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 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. He read more, Copyright 2023 The Indian Express [P] Ltd. All Rights Reserved, Financial deals with Ranbaxy brothers, admits Beas sect head, Adani group shares gain after Supreme Court order on Hindenburg row, block deals report, Truth will prevail: Gautam Adani welcomes Supreme Court order on Hindenburg report row, Sebi bans Sadhna Broadcasts promoters, actor Arshad Warsi, others from securities mkt, Asias richest man Mukesh Ambani to foray into genome testing with $145 kit, EPFO extends deadline to opt for higher pension to May 3. Of course, it is about money. A garnishee order is an order against a third party for the recovery of debt or dues. Radha Soami Shabad Satsang:The company of truth;association with the truth.Satsang ordinarily means the company of saints or advanced souls,or a gathering of devotees held under the auspices of a . 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. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. Sunil Godhwani is the former chairman of Religare and was once considered to be Malvinder and Shivinder's third brother. Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. 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'. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. 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. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. 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. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. Download The Economic Times News App to get Daily Market Updates & Live Business News. 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. They had to sell the home they grew up in to pay back another lender. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. Our Leading Categories. The entire transaction was handled by Respondent No. 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. Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. 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. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. 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? Firstpost - All Rights Reserved. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. 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. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. The master of Radha Soami Satsang Beas, Gurinder Singh Dhillon, is a key character in the unraveling of the financial and healthcare empire owned by the Singh brothers, Malvinder and. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). But that was not to be. 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Updated Date: Prius Platinum, though, is still sparsely occupied. 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. The matter is reserved for judgement. But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. Copyright 2023 Living Media India Limited. 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. Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC, Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them, Malvinder Singh files criminal complaint against brother Shivinder Singh, spiritual leader for financial fraud, death threat, Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers. head of Radha Soami Satsang Beas, his family members and Sunil Godhwani, the Satsangs funds manager, to make a killing through shares of Religare; the brothers sell 13.5 million shares at Rs 10 each before the IPO, though they were issued to the public at Rs 185 2008 Japans Daiichi-Sankyo buys out the Singh 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. 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. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. The head of RSSB works pro bono, draws no salary nor any benefits from the sect. India's famed Singh brothers are embroiled in a fresh feud. What money, you ask? He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. The amount should be deposited with the courts registrar general within 30 days, according to the order dated September 27. 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. The proposed marriage, however, never went through as the two parted ways. This, RFL alleges, caused the company losses of Rs 2,387 crore. Fortis, on the other hand, was India's largest hospital chain. Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. The story of how they managed this is complex and has several gaps. Or, was the money actually owed to Dhillon family and associates? The Singhs owned a 51 percent stake in Lowe. 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. 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. Flash back to December 2015 when Shivinder resigned from the Fortis board to head to the Radha Soami Satsang in Beas. Only the headline has been changed.). 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. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . 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. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. 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. He now blogs critically about it, having since left. They say Godhwani was in charge of both Religare and RHC at the period in question. New Delhi The feud between Singh brothers over financial fraud in Ranbaxy stake sale proceeds is likely to see further developments as the Patiala House Court, Delhi has recently sought details of the action taken by the Delhi police against former Ranbaxy promoter Shivinder Singh, Radha Soami Satsang Beas RSSB chief Gurinder Singh Dhillon, 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. Theyve also lost the family mansion. 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. 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 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 these, just RHC's pledges (some of which may have been to raise resources to pay off previous loans) starting November 8, 2010, add up to an astounding Rs12,800 crore. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. 4 0 obj The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). 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. 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 The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. The court had also asked Dhillon and his family members to be personally present in the court on November 14. The Singh brothers' mother Nimmi Singh is Dhillon's cousin. So, how did this happen? 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. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. 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. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. SGGD Projects is run by brothers Vaibhav and Rahul Wadhwa, both employees of RSSB at Beas. And, this is where things took a turn for the bad. His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). Well, Malvinder and Shivinder are under arrest. The court had in October ordered Gurinder Singh Dhillon along with his wife Shabnam, sons Gurkirat and Gurpreet and daughter-in-law Nayan Tara to be personally present in the court on November 14, after Dhillon and his family members had said that they did not owe any money to RHC Holding Pvt Ltd, promoted by Malvinder and Shivinder Singh. We have been constantly making all possible efforts to clear our liabilities. 100% Secure and Trusted Payment. Meanwhile, Malvinder and Shivinder had education from prestigious schools -- the brothers studied at Dehradun's Doon School, Delhi's St Stephen's College and Duke University's Fuqua School of Business in the US. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. The Dhillons were trapped and so were the brothers. But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. Religare's application was rejected by regulator RBI. 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. 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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. 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. Less known is the massive debt they took on to do so, all while they were financing a real-estate portfolio largely owned by their gurus family. The answer lies hidden in a maze of a dozen companies. 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. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. But the brothers stint was shortlived. 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. But Fortis had its golden run as well. 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. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. 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