Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. 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. And a substantial portion came from Fortis and Religare, often through the same network of shell companies used to lend to the gurus family, people familiar with the matter said. 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. But Fortis had its golden run as well. The amount should be deposited with the courts registrar general within 30 days, according to the order dated September 27. 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. 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). Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. 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. 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. 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). The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. Naivete is surely not one of their virtues. By that time, Dhillon was playing a big role in the Singhs finances. 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 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. 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. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. In 2010, Singhs even got into a takeover battle for Singapore's Parkway vis-a-vis Malaysia's sovereign fund Khazanah. Their machinations wrecked a flourishing empire and vapourised nearly $3.2 billion (Rs22,500 crore then) into thin air. 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. 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. 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. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. 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. For his part, Dhillon also declined to be interviewed. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. 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. Many of them have even declared the same email ID in the RoC records: [email protected]; and are also being audited by the same firm. 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. But it all begins and ends with money. It was suggested by them (Malvinder and Shivinder Singh) that they would finance the deponent (Dhillon) and his family to subscribe to the rights issue. 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. 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 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.". "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. the head of the Radha Soami Satsang. The Singh brothers were close to Dhillon, who, in fact, is their maternal uncle. He is now called the "self-proclaimed third brother". 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'. He has only ever acted out of love and has only ever had their best interests at heart.. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. They say Godhwani was in charge of both Religare and RHC at the period in question. The New Delhi property boom Dhillons family companies invested in has since gone bust. 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. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. 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. They sold it. The loss-making firms biggest expense was rent, much of which was paid to buildings owned by the gurus family, according to documents and people familiar with the matter. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. 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? 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. File image of Shivinder Singh and Malvinder Singh. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. 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. Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. f X
|NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. 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. The Singh brothers' downfall drove a wedge between them. 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. 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 .) Sunil Naraindas Godhwani is no ordinary man. Our Leading Categories. Theyre less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillons recommendation. 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 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. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). But Fortis went into a cash crunch. Ltd. | All rights reserved. By 2010, another business opportunity emerged. Such large and complex matters will need time," says the Singh brothers' response. The Dhillons were trapped and so were the brothers. Synopsis Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. "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. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. Minority shareholders took over at Religare. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. Fortis, on the other hand, was India's largest hospital chain. Legitimate business people may not want to come to India.. 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! Chief of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon has admitted of his financial dealings with the Singh brothers though he denied of "any liability" towards RHC holdings Ltd, promoted by Malvinder and Shivinder Singh. 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. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. Starved of cash, businesses went into a tailspin. Download The Economic Times News App to get Daily Market Updates & Live Business News. In some cases, Religare had no use for all the space it was leasing from the gurus buildings and large parts sat empty, the people said and internal documents show. 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. 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. Well, Malvinder and Shivinder are under arrest. There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. 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. Another entity, Religare Corporate Services, fully owned by RHC Holdings, was set up in September 2011. 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 . The entire transaction was handled by Respondent No. xX#
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k.{{,zzM6_Aq 7T$l(T1 8p \t 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,. Their total borrowings hit about $1.6 billion by March 2016, filings show.As things deteriorated, funds at the two primary public companies controlled by the Singhs, Fortis and Religare, were continuously routed back and forth via shell companies to deal with cash shortages elsewhere in the Singh family empire, according to multiple people familiar with the matter. But the brothers story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce. The brothers had disclosed their assets to the court in sealed covers in December 2016 and March 2017 during the pendency of Daiichi's plea seeking enforcement of the 2016 arbitral award passed by a Singapore tribunal against them. The loan and the write-off is under regulatory scrutiny. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. From revenue and net profit of Rs190 crore and Rs2.68 crore, respectively, it grew 2.5 times to Rs599 crore while profits shot up nine times to Rs24 crore by 2013/14. 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 . The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. To date, the FDA has no evidence that these drugs do not meet their quality specifications and has not identified any health risks associated with currently marketed Ranbaxy products.". However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. He now blogs critically about it, having since left. They were remanded to four days police custody. 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. Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. That was shocking considering that, as recently as June 2008, they had hit gold with Rs9,576 crore in cash from Japan's Daiichi Sankyo for the sale of India's then largest pharmaceuticals company Ranbaxy Laboratories-an inheritance from father Parvinder Singh. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). Of course, it is about money. The common point of Singh brother and Sunil Godhwani was RSSB. When Indias central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs main holding company, it demanded it be paid back, but it still hasnt been. He has absolved his family members from any involvement in the financial transactions carried out by him. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. Two companies, Prius Real Estate Private Ltd. and Lowe Infra and Wellness Private Ltd., were set up by people close to the guru, and although partly hidden by layers of shell companies, the Dhillon family had ownership interests in both, people familiar with the matter said and filings show.Over the next two years, these firms together received about 20 billion rupees in zero-interest loans from the Singhs private holding company or its subsidiaries, according to the people and the documents. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. Since then, it has reported losses of Rs34 crore, Rs40 crore and Rs75 crore in the following three years. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. 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It isnt clear why this money was never returned. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. 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By its very nature, financial services business needs to raise debt to lend further. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. 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. Asked what the Singh brothers would do for their Master, one person who knows the family answered in one word: Anything., (This story has been published from a wire agency feed without modifications to the text. 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. 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. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. But, here are the basics. "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. 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? The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . (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. The brothers' storied success story is matched by their equally storied downfall from grace. gurinder singh dhillon family pics. 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 Rahul Wadhwa was also a former Fortis employee. 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. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. 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. Serious Frauds Investigation Office and Sebi are probing alleged financial irregularities under Singh brothers, including the charge that the promoters allegedly transferred Rs473 crore from the company without approvals. Copyright 2023 Living Media India Limited. %PDF-1.3 Later, Mohan Singh's son Parvinder -- the father of Malvinder and Shivinder -- took control of Ranbaxy, which would ultimately go on to become India's largest pharmaceutical firm. 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. "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. 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. When their father Parvinder died in 1999, Malvinder and Shivinder inherited a 33.5 per cent stake in Ranbaxy, which was scaling new heights. Miffed at replies of former Ranbaxy promoters Malvinder and Shivinder Singh to its directive to submit a plan for paying Rs 4,000 crore to Daiichi Sankyo, as awarded by a Singapore tribunal, the Supreme Court on Friday threatened to send them to jail if found that they have violated the apex court's order. Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . 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. 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.". Both deny any wrongdoing. 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 Singh brothers, who had not been on the board of Religare since April 2010, returned after the write-off. 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 Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). A garnishee order is an order against a third party for the recovery of debt or dues. 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 products made by Ranbaxy had always been of good quality which even the US FDA maintained in their statements (US FDA Press Statement dt. << /Length 5 0 R /Filter /FlateDecode >> The Godhwani family ran a leather business and had been known to the Singhs for two generations. 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. Most crucially, the growth was heavily debt-funded. 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. We believe in the India growth story. y|jmdkwO?Jy|vx
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