How the brothers spent the money is where things get interesting. Prius Platinum, though, is still sparsely occupied. Meanwhile, investor pressure built up. 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. Legitimate business people may not want to come to India.. 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. (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. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. 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. They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. 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. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). File image of Shivinder Singh and Malvinder Singh. the head of the Radha Soami Satsang. Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. 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". Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. Baba Gurinder Singh Dhillon is an Indian spiritual leader who is the head of the Radha Soami Satsang Beas (RSSB), Punjab. Our Leading Categories. It was fine as long as it was all within the family. We believe in the India growth story. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. The year was 2008 and Malvinder and Shivinder Singh could do no wrong. We have been constantly making all possible efforts to clear our liabilities. 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. 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. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. Another devotee, Godhwani, led Religare. 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. The sale occurred just as the US Food and Drug Administration started raising questions about the Indian firms manufacturing practices and the safety of its drugs, although Ranbaxy denied the allegations at the time. The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. 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. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. 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 But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. 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.". 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 . The Singhs have said they are working to resolve issues with stakeholders. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. This financial tool allows one to resolve their queries related to Public Provident Fund account. Their machinations wrecked a flourishing empire and vapourised nearly $3.2 billion (Rs22,500 crore then) into thin air. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. SGGD Projects is run by brothers Vaibhav and Rahul Wadhwa, both employees of RSSB at Beas. The court had also asked Dhillon and his family members to be personally present in the court on November 14. They sold it. Godhwani dreamt big. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. 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. 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. The New Delhi property boom Dhillons family companies invested in has since gone bust. 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. 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". But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. %PDF-1.3 The third figure in the Ranbaxy brothers' corporate battle is Gurinder Singh Dhillon, the head of Radha Soami Satsang Beas among the largest such communes in the world, with 20 mn followers in 90 countries, yet fiercely secretive. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. The story of how they managed this is complex and has several gaps. 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 Godhwani family ran a leather business and had been known to the Singhs for two generations. 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 Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. "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. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Such decimation of a flourishing and diversified empire within a decade is unprecedented in India's corporate history. 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. However, a few years after the sale, the Singh brothers ran into trouble when Daiichi accused them of concealing information and dragged them to an international court. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. 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. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? 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 had also urged the court to attach their assets, which may be used to recover the award. His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). 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. Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. It had said that if any party disputes the claim of RHC Holdings or other judgment debtors, they should file an affidavit to place on record the contention. During 2008/18, for the 10 Fortis subsidiaries and eight Religare subsidiaries whose data has been filed with RoC, Religare subsidiaries reported losses worth Rs2,047 crore and Fortis subsidiaries Rs650 crore. But Fortis went into a cash crunch. Earlier, Malvinder Singh had, in an affidavit to the High Court and Supreme Court, alleged that Dhillon and persons associated with him had diverted close to Rs 6,000 crore from RHC. Ltd. | All rights reserved. Theyve also lost the family mansion. "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. The broad allegations are that Malvinder and Shivinder, along with other officials of REL, took loans in the name of RFL and diverted the money to other companies. "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. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. 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. Mangroves, low tide made Cyclone Bulbul less devastating, Aashish AryanAashish Aryan is a Principal Correspondent With The Indian Express. "Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. 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. 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. But that was not to be. The court also directed that the "55 parties shall not dispose of, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets to the tune of the amount mentioned in the affidavit of July 30, 2019 except in the ordinary course of business such as payment of salary and statutory dues till the next date of hearing. In 2010, Singhs even got into a takeover battle for Singapore's Parkway vis-a-vis Malaysia's sovereign fund Khazanah. Dhillon battled cancer and recovered from it in 2013. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. 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. 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. Mobile & Tablets: Android Phones | Smartphones | Feature Phones | Unboxed Phones | Refurbished Phones | Tablets | CDMA Pho This Article is From Apr 05, 2019 . Earlier this year, Bloomberg News reported that the Singhs had taken 5 billion rupees from Fortis without board approval and that a New York investor had filed a lawsuit accusing the brothers of siphoning 18 billion rupees from Religare. Also Read: Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. When Indias central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs main holding company, it demanded it be paid back, but it still hasnt been. The Singhs are famous for expanding their two public firms hospital operator Fortis Healthcare Ltd. and financial firm Religare Enterprises Ltd. at breakneck speed after reaping $2 billion from the Ranbaxy sale. "Given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities. 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 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? 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. A big reason why Fortis is in the red is the nearly Rs270 crore licence fee it pays to the RHT Trust in Singapore. 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. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). Interestingly, both Malvinder and Shivinder also blamed Sunil Godhwani for their downfall. After ten years, nobody knew where the money they received disappeared. The loan and the write-off is under regulatory scrutiny. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. The dues have now ballooned to . Most of the money was used to buy real estate. 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). He was their central father figure after their own died in 1999, they wrote in their statement. Or, in Shivinder's apparent desire to emerge as the sect's next spiritual head, the brothers gave loans to further his chances of being backed by Dhillon to head the sect and its sprawling operations. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. 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 While Religare and Fortis are examples of reckless expansion and its consequences, the money transferred to Dhillon and associates-which (with interest) is now estimated to be between Rs4000-5,000 crore-remains unpaid to the Singhs. 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. Updated Date: The objective was to eliminate the annual licence fees. 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. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. 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. The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). RHC Holding and Oscar Investments, which had debt of barely Rs15 crore and Rs60 crore, respectively, in March 2009, had total outstanding debt of Rs4,063 crore and Rs840 crore in March 2016 & March 2017, respectively (the latest data available with RoC). Download The Economic Times News App to get Daily Market Updates & Live Business News. Fortis is in the red is the nearly Rs270 crore licence fee he owed his to. Their shareholding against unpaid loans between a traditional ashram and a Florida gated community, says has! 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