Both agencies didnt respond to requests for comment. In 2016, the Reserve Bank of India, or RBI, reprimanded Religare's lending firm, Religare Finvest, for Rs1,200 crore worth of loans given without due diligence. 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,. 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Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). %cu$#;O7s::U;MWW Malvinder himself moved to Singapore to manage international operations. It is this firm that had borrowed the amount from Axis Bank. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. 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. 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. In the last hearing of the case on August 10, the Delhi High Court froze all bank accounts of the brothers alleging they misled the courts. Subsequently, the same loans have been recognised as related party transactions?". At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). ", The 55 garnishee parties also include RSSB's associate companies, former. 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.". She was 57. 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. The answer lies hidden in a maze of a dozen companies. 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. On the basis of this verbal agreement, on 11.02.2010, Respondent No. Daiichi-Ranbaxy case: Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. So he took an active interest in the Singhs holdings, the people said. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Theyre less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillons recommendation. Singhs have contested this claim. Since then, the finances of the spiritual leader and the brothers have grown intertwined, with money flowing from the Singhs to the Dhillon family via loans through shell companies and an array of arcane financial instruments, according to the documents and people familiar with the matter, who asked not to be named because of the ongoing legal probes. He has only ever acted out of love and has only ever had their best interests at heart.. It also downgraded the holding company, RHC Holding, to default. The brothers' storied success story is matched by their equally storied downfall from grace. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. The elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. 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. They had to sell the home they grew up in to pay back another lender. 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. 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). Pic courtesy - CNBC-TV18. ED Arrests Ex-Ranbaxy Promoter Malvinder Singh, Ex-CMD Of Religare Sunil Godhwani In RFL Fraud Case The Enforcement Directorate (ED) on Thursday said that it has arrested former Relkigare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case. 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. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. 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India's famed Singh brothers are embroiled in a fresh feud. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. 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. But Fortis had its golden run as well. The Singh brothers were close to Dhillon, who, in fact, is their maternal uncle. 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, Copyright HT Digital Streams Ltd. All rights reserved. The court, in its September order, said the amount which 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the Registrar General of the Delhi High Court within 30 days. The loan and the write-off is under regulatory scrutiny. October 11, 2019 18:11:17 IST. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. 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The court, in its September order, said the amount which has 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the registrar general of the Delhi high court within 30 days. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. It isnt clear why this money was never returned. How the brothers spent the money is where things get interesting. Of the remaining Rs7,500 crore, Rs1,750 crore were. "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. Then came the final blow. Such decimation of a flourishing and diversified empire within a decade is unprecedented in India's corporate history. Thus, Dhillon is the brothers' maternal uncle. 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. Updated Date: The drama got a dash of spice when Shivinder gave up his corporate fiefdom in 2015 and declared he was taking a spiritual path and going to live at the Radha Soami Satsang in Punjab, only to return last year and allege that his brother had run their businesses to the ground. 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. Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. They were remanded to four days police custody. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. 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. 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. Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. 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. May 20, 2021; kate taylor jersey channel islands; someone accused me of scratching their car 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). It had also urged the court to attach their assets, which may be used to recover the award. Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. 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. 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.". The New Delhi property boom Dhillons family companies invested in has since gone bust. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. Starved of cash, businesses went into a tailspin. But that was not to be. 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 matter is reserved for judgement. Of course, it is about money. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. We maintain that there was no misrepresentation or concealment in the Ranbaxy deal to Daiichi Sankyo and these are false accusations made against us four years after Daiichi Sankyo bought Ranbaxy (after around 9-10 months of due-diligence). Taken together, the zero-interest loans to Dhillon firms and Singh investments gone bad created a crushing debt load that required even more borrowing to service. 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. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. Dhillon hasnt been accused of any wrongdoing. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. 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 Supreme Court had earlier expressed displeasure at the replies of Malvinder and Shivinder to its directive to submit a plan for paying Rs 4,000 crore to Daiichi Sankyo, as awarded by a Singapore tribunal. 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. << /Length 5 0 R /Filter /FlateDecode >> The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). 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. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. One of the sore points between the Singhs and Godhwani was Godhwani's failed commitment to the Singhs to secure a bank licence. They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. 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. This has ultimately led to insignificant shareholding remaining with us in these businesses," Malvinder and Shivinder Singh said in a joint email response to our questions. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). 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. Since then, it has reported losses of Rs34 crore, Rs40 crore and Rs75 crore in the following three years. 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. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. 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. 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. 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. 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. 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. Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. Meanwhile, investor pressure built up. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. Godmen and spiritual societies are part of the lives of India's super rich From a net profit of Rs92 crore in 2008, it reported net losses of Rs295 crore, Rs149 crore and Rs481 crore between 2010/11 & 2012/13. Finally, banks seized assets backing their loans, including the majority of their shares in Fortis and Religare. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. 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. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. London: The wife of head of Radha Soami Satsang Beas (RSSB) sect passed away in the United Kingdom on Wednesday. The Singhs owned a 51 percent stake in Lowe. 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 brothers went on to use their cash reserves aggressively to build up Fortis and Religare -- which would each top $1 billion in market value as Indias demand for health and financial services surged. The dues have now ballooned to . Or, in Shivinder's apparent desire to emerge as the sect's next spiritual head, the brothers gave loans to further his chances of being backed by Dhillon to head the sect and its sprawling operations. The court had also asked Dhillon and his family members to be personally present in the court on November 14. After ten years, nobody knew where the money they received disappeared. The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. The transactions alleged by Dhillon are in violation of Securities and Exchange Bureau of India (SEBI) norms on promoters role in rights issues of companies. "Daiichi Sankyo since long has been making all possible efforts to try and sabotage the Fortis/SRL/Religare deal (blocking infusion of funds/equity and demerger). RHC Holding and Oscar Investments, which had debt of barely Rs15 crore and Rs60 crore, respectively, in March 2009, had total outstanding debt of Rs4,063 crore and Rs840 crore in March 2016 & March 2017, respectively (the latest data available with RoC). The broad allegations are that Malvinder and Shivinder, along with other officials of REL, took loans in the name of RFL and diverted the money to other companies. y|jmdkwO?Jy|vx `&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. "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. These entities?have become part of the promoter group due to a shareholding change in those entities. But, here are the basics. In 2010, Singhs even got into a takeover battle for Singapore's Parkway vis-a-vis Malaysia's sovereign fund Khazanah. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. The Singhs say they didnt conceal any information. Funds were then disbursed to other companies controlled by the Dhillons. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. 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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. Firstpost - All Rights Reserved. The Singhs are appealing the ruling. Theyve had their public shareholdings seized by lenders. "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. Guru Gurpreet Dhillon and his brother Sanjay Godhwani a maze of a and. Where things get interesting same loans have been recognised as related party transactions? `` finally led Godhwani. Religare and Fortis were unable to service the massive debt raised during the expansion spree see... Respondent No New Delhi-110017 ' could pass off as a lab to find truths for... To other companies controlled by the dhillons in Singapore Courts and the hearing for Singhs! An active interest in the quarter ended March, 2018, Fortis reported net... 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