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. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. 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Rahul Wadhwa was also a former Fortis employee. 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. 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. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. 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. Radha Soami is a spiritual tradition or faith founded by Shiv Dayal Singh (Soami ji maharaja) in 1861 on Basant Panchami Day in Agra, India.. His parents were Nanakpanthi, followers of Guru Nanak of Sikhism, and were also followers of a spiritual guru from Hathras named Tulsi Sahib. These entities?have become part of the promoter group due to a shareholding change in those entities. They sold the company for an estimated $ 4.6 billion. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. 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. 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 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.". the head of the Radha Soami Satsang. But that was not to be. There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. Malvinder himself moved to Singapore to manage international operations. The proposed marriage, however, never went through as the two parted ways. Copyright 2023. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. But, for the first time ever, here is the inside story of how the brothers not just lost their wealth but also their companies and reputation. Synopsis When their father Parvinder died in 1999, Malvinder and Shivinder inherited a 33.5 per cent stake in Ranbaxy, which was scaling new heights. But, here are the basics. The loan and the write-off is under regulatory scrutiny. We will continue to sell our assets in compliance with the court orders in order to clear all our debts. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. Singhs have contested this claim. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. 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. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. 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. The Singhs resources were marshaled to help the Dhillon family build a real-estate empire. e8 They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. For reprint rights: Times Syndication Service. 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. 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. "Babaji has always said, 'You people are stupid . The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. In the first, being the head of the sect and a father figure to Singh brothers, Dhillon had an upper hand; in the second, equal partners Malvinder and Shivinder were led by Malvinder; in the third, Godhwani, being backed by the Dhillons, pretty much ran Religare independently. 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 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. 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. Singhs now own a majority of this firm. The brothers acknowledge having financial ties to Dhillon, and in written comments said they are in dialogue with the Dhillon family and its companies to address the money owed to them. "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. The court had also asked Dhillon and his family members to be personally present in the court on November 14. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. Meanwhile, investor pressure built up. 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). As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. 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). Well, that. 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. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. Most crucially, the growth was heavily debt-funded. 19s team, said Dhillon. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. 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. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. Godhwani did not respond to questions sent to him. 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 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. 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. 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. 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. 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. 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. A SIP calculator is a simple tool that allows individuals to get an idea of the returns on their. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. Mobile & Tablets: Android Phones | Smartphones | Feature Phones | Unboxed Phones | Refurbished Phones | Tablets | CDMA Pho Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . 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 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. 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. They sold it. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. 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. 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. 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. 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%, Ranbaxy case: Radha Soami chief seeks exemption from court appearance, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. 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. Ranbaxy case: Malvinder Singh provides proof of financial deals with Radha Soami Satsang head In an affidavit filed in the Delhi High Court last week, Singh submitted that Dhillon and his family members owed Rs 1,472.72 crore along with interest to him. The Godhwani family ran a leather business and had been known to the Singhs for two generations. "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. And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. Most of the money was used to buy real estate. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. The Singhs say they didnt do anything illegal. But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. For his part, Dhillon also declined to be interviewed. A detailed mail sent to Dhillons and Singhs did not elicit any response on this. 19 (RHC) transferred Rs 219.5 crore each to GP (Gurpreet) and GK (Gurkirat), which was then used to subscribe to the rights issue, resulting in an allotment of 61,83,013 shares of REL to each of GP and GK. 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 they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. Ltd. | All rights reserved. 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. The story of how they managed this is complex and has several gaps. The entire transaction was handled by Respondent No. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). 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. 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. 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? "His father, K.L. The National Pension System or NPS is a measure to introduce a degree of financial stability Mutual Funds are one of the most incredible investment strategies that offer better returns Shivinder Singh (left) with his elder brother Malvinder Singh (File photo), Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. 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. Legitimate business people may not want to come to India.. 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. And, this is where things took a turn for the bad. stream The Singhs lost control and stepped down from both the firms in February 2018. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? But that was not to be. 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.". Meanwhile, Malvinder and Shivinder had education from prestigious schools -- the brothers studied at Dehradun's Doon School, Delhi's St Stephen's College and Duke University's Fuqua School of Business in the US. So why did the Singhs let it go this bad, this fast? "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. 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. 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. But in the case of Malvinder and Shivinder Singh, the two Ranbaxy brothers and billionaire scions who ended up in jail, the narrative goes beyond a simplistic explanation. Dhillon hasnt been accused of any wrongdoing. 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. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. 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 order is currently reserved by Court of Appeals in Singapore and is expected anytime now. Pic courtesy - CNBC-TV18. Both have a close relationship with the sect. While he was going through his rigorous one-year induction at Beas, being transferred from one department to another, in late 2016, Rs473 crore was allegedly sucked out by the promoters from Fortis Hospitals (subsidiary of Fortis Healthcare) to pay debt in private holding companies. Feb 25, 2009)," says the brothers' response. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. 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. 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. << /Length 5 0 R /Filter /FlateDecode >> 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. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. 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. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). "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). A big reason why Fortis is in the red is the nearly Rs270 crore licence fee it pays to the RHT Trust in Singapore. 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. 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