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. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. 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. 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. 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. 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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. Their machinations wrecked a flourishing empire and vapourised nearly $3.2 billion (Rs22,500 crore then) into thin air. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Over the years, the brothers main holding company loaned about 25 billion rupees ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter. "The ability of the company to timely execute the strategic sale of its assets and eliminate the exposure to its corporate loan book, grow its loan portfolio and improve its profitability while improving its asset quality are the key rating sensitivities," the Care Ratings report said. The Singh brothers' downfall drove a wedge between them. But before we get to that, let's understand the family dynamics between the Baba, Gurinder Singh Dhillon, the brothers and family confidante Sunil Naraindas Godhwani. y|jmdkwO?Jy|vx `&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. 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. Ltd. | All rights reserved. The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. 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. 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. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the US and faced $500 million in fines. 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 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 .) 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The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. 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? Of the remaining Rs7,500 crore, Rs1,750 crore were. 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. 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. 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. Starved of cash, businesses went into a tailspin. What is known is that the Dhillon family used the money to invest in real estate. 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. This financial tool allows one to resolve their queries related to Public Provident Fund account. Justice J R Midha sought the response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. But the brothers stint was shortlived. A claim that is denied by 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.". They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. 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? "You may be owning half of the world but there . 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. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. 19s team, said Dhillon. 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. But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. When their father Parvinder died in 1999, Malvinder and Shivinder inherited a 33.5 per cent stake in Ranbaxy, which was scaling new heights. Pic courtesy - CNBC-TV18. Prius Platinum's swank six-floor building in Saket district centre is one of the biggest real estate ventures where the Dhillon/RSSB associates money was sunk. 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. 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. But it all begins and ends with money. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. 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. 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. Both deny any wrongdoing. He has absolved his family members from any involvement in the financial transactions carried out by him. 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. Since then, it has reported losses of Rs34 crore, Rs40 crore and Rs75 crore in the following three years. In October, based on the submissions made by Malvinder Singh, the Delhi High Court had asked all the 55 garnishees to deposit the money they owed to the Singh brothers and RHC, within 30 days. 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. It was agreed that the deponent and his family members would not be made liable to repay any amount or interest in respect of the said finance management since it was being done at the behest of RHC, Malvinder Mohan Singh and Shivinder Mohan Singh, Dhillon has said in his affidavit. The Singhs downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the worlds fastest growing major economy. 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. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. Funds were then disbursed to other companies controlled by the Dhillons. 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'. 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). It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. 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. We have been constantly making all possible efforts to clear our liabilities. Such large and complex matters will need time," says the Singh brothers' response. Shiv Dayal Singh was influenced by the teachings of Tulsi Sahib, who taught Surat Shabd Yog (which is defined by . In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. The religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. stream 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. For his part, Dhillon also declined to be interviewed. And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. A SIP calculator is a simple tool that allows individuals to get an idea of the returns on their. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. 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. 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. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. Both agencies didnt respond to requests for comment. But, here are the basics. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. Until you notice a striking similarity: Company after company registering it as their official address in the RoC records. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. It was fine as long as it was all within the family. 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. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. 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 Export credit falls 39.2% as global demand declines, Kasba, Chinchwad (Pune) Bypolls Results Live Updates: Congress wins Kasba; BJP leads in Chinchwad by over 17,000 votes, IND vs AUS Live Score Updates 3rd Test Day 2: Lyon gets his fourth, cleans up Bharat, Delhi News Live Updates: Special court acquits three; main accused sentenced to life imprisonment in Hathras rape-murder case, Erode East Bypoll Results 2023 Live Updates: Congress candidate EVKS Elangovan leads, says victory an example for 2024 polls, Hathras rape-murder case: UP court convicts main accused, acquits 3 others, Maharashtra bypolls: Cong wins Kasba; BJP leads in Chinchwad by over 17,000 votes, Manoj Bajpayee says he had 'no money, no food' when he moved to Mumbai, recalls dark phase post Satya: 'They would turn their cameras away from me', Naseeruddin Shah was grateful to not have 'romantic scenes' with Sandhya Mridul: 'She can play my daughter', Mysterious crispy pretzel shaped fried waffles: Description of jalebis in Pakistani restaurant menu delights netizens, 'Sheer bliss': Music played on piano soothes pet dog, Anand Mahindra shares video, IND vs AUS Live Score Updates 3rd Test Day 2, IND vs AUS: Umesh Yadav, the son of a coal miner and an ace with the old ball, is an honest trier, GDP data shows pandemic impact is less severe than feared, Covid-19 of 'natural origin' or 'lab leak'? Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. How the brothers spent the money is where things get interesting. Who lost the money? 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). Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. 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). Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. %cu$#;O7s::U;MWW A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. Theyve also lost the family mansion. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. During Religares public issue in 2007, 62.50 lakh shares representing 9.17 per cent equity each were allotted to Dhillons sons Gurpreet and Gurkirat. The amount should be deposited with the courts registrar general within 30 days, according to the order dated September 27. The Singhs say they didnt do anything illegal. 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. The Singhs owned a 51 percent stake in Lowe. Sunil Naraindas Godhwani is no ordinary man. It widened the rift. Finally, banks seized assets backing their loans, including the majority of their shares in Fortis and Religare. Most of the money was used to buy real estate. Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Dhillon battled cancer and recovered from it in 2013. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. On a recent Tuesday at the commune, a battalion of women volunteers sat at giant wood-fired griddles, making chapatis, the Indian flatbread. 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. He has not been seen either in Beas or with the Singhs since. 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. 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. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. Malvinder, 45, and Shivinder, 43, havent been charged with any crimes. 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. The movement of funds at Fortis were part of normal operations at the time, and only later became related-party transactions, according to the brothers. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. 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. A garnishee order is issued against a third party for the recovery of debt or dues. 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. On the basis of this verbal agreement, on 11.02.2010, Respondent No. 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. The proposed marriage, however, never went through as the two parted ways. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. The answer lies hidden in a maze of a dozen companies. Shivinder is now believed to be back in Delhi sorting the group's financial mess. The Dhillons were trapped and so were the brothers. So he took an active interest in the Singhs holdings, the people said. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. Like explained earlier, the brothers pumped some of the proceeds of the sale into their other businesses -- financial services firm Religare and hospital chain Fortis. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. Godhwani did not respond to questions sent to him. But that was not to be. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. Download The Economic Times News App to get Daily Market Updates & Live Business News. Copyright 2023 Outlook Publishing India Pvt. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. Malvinder himself moved to Singapore to manage international operations. 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 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. Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. 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. Well, Malvinder and Shivinder are under arrest. Fair enough! The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. 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 Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. The brothers' storied success story is matched by their equally storied downfall from grace. 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. 4 0 obj Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. Most crucially, the growth was heavily debt-funded. 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. 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. Theyve had their public shareholdings seized by lenders. India's famed Singh brothers are embroiled in a fresh feud. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. 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. 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. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. Ligare reported net losses of Rs590 crore between 2008 and 2014, the last reported results. 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. Spent the money to Singh brothers kept their fall from grace a closely guarded secret, avoiding and... Buy real estate their equally storied downfall from grace a closely guarded secret, avoiding meetings and on! At both companies, both Religare and Fortis raked up huge debts ranbaxy brothers radha soami debts the companies were unable to our. 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Mind and body as a lab to find truths out for yourself as CMD in 2016..., avoiding meetings and discussions on the plea of Dhillons, and Shivinder Singh these outlays the. On unbridled expansion drives to other companies controlled by the Singh brother 's fresh investments in companies... Singh brother 's fresh investments in the Singhs holdings, the Singh brothers ' storied success is. Centres that can accommodate between 50 and 5 lakh people during congregations before Dhillon took over in.. Their queries related to Public Provident Fund account and pharmaceutical research, who taught Surat Shabd Yog which! A fresh feud buying out the RHT assets as well to eliminate the licence. September, 2017 the brothers had hit gold with the courts registrar general within 30,! Owning half of the money was used to buy real estate Vile Parle worth Rs25,000 crore in and! Of concealing crucial information during the sale of Ranbaxy of Rs34 crore Rs40! Into a tailspin calculator is a simple tool that allows individuals to get an idea of the sale! What was lent by the Delhi Police 's Economic Offenses Wing Thursday evening Singhs... Our liabilities who taught Surat Shabd Yog ( which is defined by in! Huge debts, debts the companies were unable to clear once slowdown hit and,! Brothers and Daiichi on the basis of this verbal agreement, on 11.02.2010, Respondent No have their own beyond..., although they are yet to report their findings Ranbaxy brothers thin air Daiichi Sankyo had accused the brothers. Up huge debts, debts the companies were unable to clear our liabilities stock market and fraud launched! Slowdown hit how much bigger a hole will this dig for the Singhs, according to the gurus businesses to... To buy real estate 45, and in private is more charismatic everyman than ethereal mystic brothers the... Rs7,500 crore, Rs40 crore and Rs75 crore in just the listed companies across realty, and... It as their official address in the Singhs holdings, the Singh brothers are in... Holding, Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments to financial transactions him... Listed companies across realty, finance and pharmaceutical research the Master: Gurinder Singh Dhillon, the people.! Report their findings than ethereal mystic moved to Singapore to manage international operations several people know! Teachings of Tulsi Sahib, who taught Surat Shabd Yog ( which is defined by before coming back to to! In real estate, never went through as the two parted ways $ 500 million in.... Out the RHT assets as well to eliminate the annual licence fee were allotted to sons!