Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. But that was not to be. Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. Over the years, the brothers main holding company loaned about 25 billion rupees ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. 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. 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). According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments 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. Its total debt shot up nearly 16 times from Rs1,272 crore in 2008/09 right after the Ranbaxy deal to over Rs20,222 crore by the end of March 2016. 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 His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). 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.". The Singh brothers' mother Nimmi Singh is Dhillon's cousin. 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Fortis had grown to Rs828 crore in revenues and had reported its first net loss of Rs33 crore in six years in fiscal 2014/15. By that time, Dhillon was playing a big role in the Singhs finances. 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. But since 2011, ill health, including a battle with cancer, caused the guru to step back to focus on his spiritual duties, he said. 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. Malvinder also sued Gurinder Singh Dhillon and his family. As they scrambled to pay off debts, the Singh brothers' resolution efforts were blocked multiple times by Daiichi Sankyo through court-led interventions to ensure the brothers had enough assets to pay off the $500 million arbitration order it had won against them. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. 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. What is known is that the Dhillon family used the money to invest in real estate. 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. The common point of Singh brother and Sunil Godhwani was RSSB. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. But that was not to be. 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. Who lost the money? 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. So, how did this happen? A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. 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. Dhillon hasnt been accused of any wrongdoing. Interestingly, both Malvinder and Shivinder also blamed Sunil Godhwani for their downfall. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). Minority shareholders took over at Religare. There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. Investment and routing of funds is a major bone of contention now and may be a precursor to a possible legal battle in the near future. 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. They took their fathers place in Delhi high society among other old business families, becoming patrons of Indian artists and socializing at exclusive clubs. From there it peaked to a consolidated revenue of Rs4,502 crore (March 2016), net profit of Rs320 crore (March 2015) and a marketcap of Rs6,762 crore (March 2011). It also directed Malvinder, RHC Holdings and Oscar Investments Ltd to file additional affidavits to disclose their claims and dealings with the garnishees and also the amount due to them. 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. The Godhwani family ran a leather business and had been known to the Singhs for two generations. 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. Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. The elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. "His father, K.L. Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. 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 But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. 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. At least 16 at last count. The head of RSSB works pro bono, draws no salary nor any benefits from the sect. The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. 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. By its very nature, financial services business needs to raise debt to lend further. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. They sold it. 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. 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 relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. "Babaji has always said, 'You people are stupid . 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. Both Religare and Fortis were extremely successful businesses. Feb 25, 2009)," says the brothers' response. In an affidavit filed with the Delhi High Court dated November 12 and reviewed by The Indian Express, Dhillon admitted that the Singh brothers had in 2010, through RHC Holding (a company controlled by the brothers), approached him and his family to subscribe to a rights issue of REL that was not fully subscribed at that moment. Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. Prius Platinum, though, is still sparsely occupied. Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. Of course, it is about money. f X |NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. 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. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. 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. "Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. Both deny any wrongdoing. 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. 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The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). But Fortis had its golden run as well. e8 The year was 2008 and Malvinder and Shivinder Singh could do no wrong. Both agencies didnt respond to requests for comment. 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. 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. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. 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.". 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. 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. After ten years, nobody knew where the money they received disappeared. 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 .) 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. As a result, it was never returned! In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. 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. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. 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. The entire transaction was handled by Respondent No. What money, you ask? Promoter holding in the two key companies, Fortis and Religare, which was 63 per cent and 72 per cent, fell to 0.6 per cent and 1.5 per cent, respectively. 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. Flash back to December 2015 when Shivinder resigned from the Fortis board to head to the Radha Soami Satsang in Beas. Two years after the Singh-Daiichi deal, Ajay and Swati Piramal also sold their pharma business to Abbott Laboratories for Rs18,000 crore. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. 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. Dhillon battled cancer and recovered from it in 2013. 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. For his part, Dhillon also declined to be interviewed. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. How the brothers spent the money is where things get interesting. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . Meanwhile, investor pressure built up. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. While the Singhs are believed to have blamed Godhwani, the latter blamed it on the Singhs saying Daiichi Sankyo's allegations after the Ranbaxy deal scuttled his chances of securing the bank licence. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. 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 . Copyright 2023 Living Media India Limited. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,397 crore. 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. As they moved to settle their dues by selling assets in group companies, Daiichi Sankyo moved court to protect its interest by securing several injunctions preventing them from divesting their assets or equity. 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. 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. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . 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. 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. But with the added liability, outside lenders to the brothers were reluctant to keep the taps open, even as the brothers offered up their family home and company shares as collateral. 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. The Dhillons filed the application following the court's direction to deposit the amount owed to RHC Holdings Pvt Ltd in connection with the execution of Rs 3,500 crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of. 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. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. 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. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. 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 . As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. 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. Mobile & Tablets: Android Phones | Smartphones | Feature Phones | Unboxed Phones | Refurbished Phones | Tablets | CDMA Pho But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. Malvinder and Shivinder Mohan Singh, the brothers (nephews of the guru) who founded Religare and transferred millions of shares in the company to the guru's sons also are RSSB initiates. 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. On the basis of this verbal agreement, on 11.02.2010, Respondent No. We have been constantly making all possible efforts to clear our liabilities. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. 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. 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