Godhwani was the financial head and adviser of RSSB. Godhwani was also a confidante of Dhillon. 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. 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. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. 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. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. Copyright 2023 Living Media India Limited. Our Leading Categories. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. 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 pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. Of the remaining Rs7,500 crore, Rs1,750 crore were invested in Religare to fund its growth; about Rs2,230 crore was invested in Fortis' growth. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. He has absolved his family members from any involvement in the financial transactions carried out by him. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. 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. So why did the Singhs let it go this bad, this fast? Singhs now own a majority of this firm. 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. Prius Platinum, though, is still sparsely occupied. They sold it. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. From 2011 onwards, the brothers holding company went on to sink at least 12 billion rupees to cover losses at their investment banking venture Religare Capital Markets Ltd. Other loans went to Ligare Voyages Ltd., a money-losing charter airline. 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'. 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. 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". They say Godhwani was in charge of both Religare and RHC at the period in question. Justice J R Midha sought response of RHC Holding, the Singh brothers who are the followers of the RSSB sect and Daiichi on the plea of Dhillons. "His father, K.L. May 20, 2021; kate taylor jersey channel islands; someone accused me of scratching their car We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. By 2010, another business opportunity emerged. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. At the consolidated level, the company went into the red soon after. When the value of Ranbaxy was at its peak, the brothers sold their 33.5% stakes to the Japanese pharma giant Daiichi Sankyo group and got loaded with Rs 9,576 crore cash in hand from the deal in 2008. As many as 500,000 devotees sometimes visit the ashram at once to listen to his teachings of how meditation, vegetarianism and high moral values can help one escape the cycle of death and rebirth. He was their central father figure after their own died in 1999, they wrote in their statement. A big reason why Fortis is in the red is the nearly Rs270 crore licence fee it pays to the RHT Trust in Singapore. 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. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. 100% Secure and Trusted Payment. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. 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. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. They took their fathers place in Delhi high society among other old business families, becoming patrons of Indian artists and socializing at exclusive clubs. 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). 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. Mangroves, low tide made Cyclone Bulbul less devastating, Aashish AryanAashish Aryan is a Principal Correspondent With The Indian Express. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. 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. Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. %PDF-1.3 The high court had on January 31, 2018 upheld the international arbitral award passed in favour of Daiichi and paved the way for enforcement of the 2016 tribunal award against the brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for Rs 9,576.1 crore. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. 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. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. They say he was the architect of the financial structures, including the loans to the Dhillon family and companies, that led to their financial troubles.Bloomberg News has been unable to independently verify the Singhs claims that Godhwani ran their holding company in the period between 2010 and 2016, when most of the major borrowing, loans, investments and routing of funds occurred. Mobile & Tablets: Android Phones | Smartphones | Feature Phones | Unboxed Phones | Refurbished Phones | Tablets | CDMA Pho October 11, 2019 18:11:17 IST. So, how did this happen? She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. The garnishees who have filed the applications stating that they don't owe any money to RHC include RSSB chief's wife Shabnam Dhillon, sons Gurkirat Singh and Gurpreet Singh and daughter-in-law Nayan Tara Dhillon, Fortis FLT Lt Rajan Dhall Charitable Trust and various companies. Both Religare and Fortis were extremely successful businesses. Two years after the Singh-Daiichi deal, Ajay and Swati Piramal also sold their pharma business to Abbott Laboratories for Rs18,000 crore. Many call him a God in human form. 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. 19s team, said Dhillon. 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. Radha Soami / Sant Mat is about understanding the soul and is a path of spirituality to escape the endless cycle of reincarnation and return home to God. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. 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. He read more, Copyright 2023 The Indian Express [P] Ltd. All Rights Reserved, Financial deals with Ranbaxy brothers, admits Beas sect head, Adani group shares gain after Supreme Court order on Hindenburg row, block deals report, Truth will prevail: Gautam Adani welcomes Supreme Court order on Hindenburg report row, Sebi bans Sadhna Broadcasts promoters, actor Arshad Warsi, others from securities mkt, Asias richest man Mukesh Ambani to foray into genome testing with $145 kit, EPFO extends deadline to opt for higher pension to May 3. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. Ltd. | All rights reserved. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: Gurinder Singh Dhillon, popularly known as the Baba, is closely linked to the story of Malvinder and Shivinder Singh's downfall. What is known is that the Dhillon family used the money to invest in real estate. Shiv Dayal Singh was influenced by the teachings of Tulsi Sahib, who taught Surat Shabd Yog (which is defined by . 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. "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. While significant, these allegations against Malvinder and Shivinder Singh are just the tip of the iceberg. 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 has directed 55 individuals and entities, including Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members, to deposit the amount due to RHC Holdings Pvt Ltd in connection with the execution of Rs 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. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. Thus, Dhillon is the brothers' maternal uncle. 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? Ligare reported net losses of Rs590 crore between 2008 and 2014, the last reported results. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas (RSSB), his family members and associates are among 55 individuals and entities ordered by a court to pay over Rs 6,000 crore owed to RHC Holding in connection with the settlement of a dispute related to Daiichi Sankyo's acquisition of Ranbaxy Laboratories. y|jmdkwO?Jy|vx
`&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. Funds were then disbursed to other companies controlled by the Dhillons. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. 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. They were remanded to four days police custody. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. The head of RSSB works pro bono, draws no salary nor any benefits from the sect. What money, you ask? Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. All members of the spiritual commune, including the guru, are expected to support themselves financially, and the sects representatives said the Masters business dealings are a personal matter separate from his role at the spiritual group. Download The Economic Times News App to get Daily Market Updates & Live Business News. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. Both agencies didnt respond to requests for comment. 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. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. Prius Commercials website claims: "We own over two million square feet of commercial office space with another 1.5 million square feet in development and land capacity to develop a further 4.5 million square feet". 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). Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. Feb 25, 2009)," says the brothers' response. The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. 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,. xX#
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k.{{,zzM6_Aq 7T$l(T1 8p \t Download The Economic Times News App to get Daily Market Updates & Live Business News. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. 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. 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. 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. "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. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. Both have a close relationship with the sect. 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. Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? 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 Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. The brothers wrote is the nearly Rs270 crore licence fee it pays the... Tide made Cyclone Bulbul less devastating, Aashish AryanAashish Aryan is a Principal Correspondent with the Market. Response of RHC Holding, Singh brothers and Daiichi on the Indian Market starting 2012-13 net losses of crore. 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