"Today we have lost control of all our key businesses - Fortis, SRL and Religare in our committed effort to repay our debts and also as a result of invocation of pledged shares by the banks. 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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. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. Another devotee, Godhwani, led Religare. 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. 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. 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. MUST READ | Singh brothers: Till debt do us part. After ten years, nobody knew where the money they received disappeared. Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. At the consolidated level, the company went into the red soon after. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. Justice J R Midha sought the response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. The year was 2008 and Malvinder and Shivinder Singh could do no wrong. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. 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 proposed marriage, however, never went through as the two parted ways. But in the secular world of money, Dhillon, 64, is a key character in one of the most dramatic collapses in the annals of Indian business: The unraveling of the financial and healthcare empire owned by the Singh brothers, Malvinder and Shivinder. A garnishee order is issued against a third party for the recovery of debt or dues. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. gurinder singh dhillon family pics. 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. It isnt clear why this money was never returned. 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? 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? Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. 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. The story of how they managed this is complex and has several gaps. 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. 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. It also downgraded the holding company, RHC Holding, to default. October 11, 2019 18:11:17 IST. They had to sell the home they grew up in to pay back another lender. 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. 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). Even if Religare's boom and bust cycle may be blamed on its then managing director & CEO Sunil Godhwani, what about Fortis, which was under direct executive management and control of the Singh brothers? 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. Copyright2023 Living Media India Limited. The undertrial businessman had earlier filed a complaint against Dhillon, head of Radha Soami Satsang Beas, among others, with Delhi Polices Economic Offences Wing (EOW) for allegedly siphoning off proceeds from the sale of Ranbaxy Laboratories. 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. It was also agreed upon that the shares being sold and/ or disposed of, if the price realised was higher than the subscribed prices, the upside would be shared 50:50 between RHC and the members of the deponents family (Dhillons) who had subscribed to the shares, he added. 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. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. Godmen and spiritual societies are part of the lives of India's super rich 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. The development in the high court came on a day the Singh brothers were produced before a trial court after being arrested by the economic offences wing (EOW) of Delhi Police in an alleged fraud case. RHC says he was president there between 2016 and 2017. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. 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. 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 Singh brothers were close to Dhillon, who, in fact, is their maternal uncle. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. 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. 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. 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. 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. In 2016, a Singapore tribunal asked the Singh brothers to pay 2,600 crore to Daiichi Sankyo in a case involving Ranbaxy Laboratories' regulatory issues. 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. "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). This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. 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. Both deny any wrongdoing. 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 appealing the ruling. A statement from JC Sethi, secretary of Radha Soami Satsang Beas, said Dhillon played a role helping the Singhs assert control of their fathers businesses following his death, and in guiding them after. It was fine as long as it was all within the family. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. (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. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. The amount should be deposited with the courts registrar general within 30 days, according to the order dated September 27. 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 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. 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. 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. A claim that is denied by Singhs. 791,648 views Jul 17, 2019 10K Dislike Share Bisbo 541K subscribers Malvinder & #ShivinderSingh inherited a large. "You may be owning half of the world but there . The brothers went on to use their cash reserves aggressively to build up Fortis and Religare -- which would each top $1 billion in market value as Indias demand for health and financial services surged. 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. Dhillon battled cancer and recovered from it in 2013. By its very nature, financial services business needs to raise debt to lend further. Mobile & Tablets: Android Phones | Smartphones | Feature Phones | Unboxed Phones | Refurbished Phones | Tablets | CDMA Pho "Babaji has always said, 'You people are stupid . Religare's application was rejected by regulator RBI. The Singhs rise as businessmen in their own right began in 2008, when they sold Ranbaxy, then Indias largest drugmaker, to Japanese pharmaceutical company Daiichi Sankyo Co. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. The court had also asked Dhillon and his family members to be personally present in the court on November 14. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . There are many such paths, and no path is better than the other. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. At least some of these firms have gained notoriety ever since law firm Luthra & Luthra, which was hired to investigate a case of Rs473 crore being siphoned off from Fortis Healthcare, mentioned Fern, Modland and Best as the companies to whom the money was transferred, allegedly against management advice and without proper sanctions. They say Godhwani was in charge of both Religare and RHC at the period in question. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. e8 Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. ", The 55 garnishee parties also include RSSB's associate companies, former. But that was not to be. "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. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. "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. It may just be the most auspicious location to reboot and restart. He goes on to admit that his sons, Gurpreet Singh Dhillon and Gurkirat Singh Dhillon, were given possession of over 61 lakh shares each through the subscription. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. Such large and complex matters will need time," says the Singh brothers' response. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. 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 .) 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. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. 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. Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. % 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. 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. Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. 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. What money, you ask? Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. 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. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. Daiichi-Ranbaxy case: Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to. The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. Rahul Wadhwa was also a former Fortis employee. 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 This, RFL alleges, caused the company losses of Rs 2,387 crore. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. This financial tool allows one to resolve their queries related to Public Provident Fund account. 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. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. 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. They sold the company for an estimated $ 4.6 billion. We believe in the India growth story. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. Or, was the money actually owed to Dhillon family and associates? 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. New Delhi: 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. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. 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. On the basis of this verbal agreement, on 11.02.2010, Respondent No. 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 relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). 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 . But Fortis had its golden run as well. But since 2011, ill health, including a battle with cancer, caused the guru to step back to focus on his spiritual duties, he said. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. Dhillon is a cousin of the Singhs mother, and he became a surrogate father to them after the death of their own in the late 1990s. Malvinder himself moved to Singapore to manage international operations. They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. By 2010, another business opportunity emerged. As a result, it was never returned! 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). Been arrested over allegations of Fund diversion ( Getty file photo ) deal by IHH requires out... 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