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 . It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. Khanna's close business association with the Singh brothers through Ranbaxy also overlapped with his own deep-rooted belief in the teachings of the Radha Soami sect. 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. India's famed Singh brothers are embroiled in a fresh feud. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). 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. May 20, 2021; kate taylor jersey channel islands; someone accused me of scratching their car 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. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. 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. 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. Godhwani declined to comment, and he left his role as chairman of Religare in 2016. And, this is where things took a turn for the bad. 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 Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Godhwani did not respond to questions sent to him. He emphasizes community service. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. This financial tool allows one to resolve their queries related to Public Provident Fund account. 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. They sold it. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. 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 . Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. MUST READ | Singh brothers: Till debt do us part. Malvinder himself moved to Singapore to manage international operations. This Article is From Apr 05, 2019 . 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. "Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. October 11, 2019 18:11:17 IST. 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 Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. 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. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. After ten years, nobody knew where the money they received disappeared. 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 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. At the consolidated level, the company went into the red soon after. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. RSSB has over two million followers and a vast land bank across the country. Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. How the brothers spent the money is where things get interesting. Both Religare and Fortis were extremely successful businesses. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. The brothers' storied success story is matched by their equally storied downfall from grace. Prius Platinum, though, is still sparsely occupied. 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. 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. 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. 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 Singhs lost control and stepped down from both the firms in February 2018. The sub-plots, which emerge larger than the main one, include personal tussles between family membersfather-son and sibling rivalriesbesides intense friendships that led to greater animosities. Singhs have claimed the money was given to a company that was not a related party when it was transferred but was subsequently acquired by the promoters and hence it became a related-party transaction. The objective was to eliminate the annual licence fees. The Singh brothers' downfall drove a wedge between them. 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". Such decimation of a flourishing and diversified empire within a decade is unprecedented in India's corporate history. 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. The matter is reserved for judgement. 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 pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. The Singhs have said they are working to resolve issues with stakeholders. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. 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. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. "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. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. 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. Flash back to December 2015 when Shivinder resigned from the Fortis board to head to the Radha Soami Satsang in Beas. Ltd. | All rights reserved. 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. Ligare reported net losses of Rs590 crore between 2008 and 2014, the last reported results. Finally, banks seized assets backing their loans, including the majority of their shares in Fortis and Religare. Singhs now own a majority of this firm. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. 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. The New Delhi property boom Dhillons family companies invested in has since gone bust. 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. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. 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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. Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. A tribunal in Singapore had passed the award in favour of Daiichi holding that the Singh brothers had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the department of justice, while selling its shares in it. Of the remaining Rs7,500 crore, Rs1,750 crore were. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. 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. Most of the money was used to buy real estate Riches. 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. Theyve also lost the family mansion. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. Copyright2023 Living Media India Limited. 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. Copyright 2023. Most of the money was used to buy real estate. Sunil Godhwani is the former chairman of Religare and was once considered to be Malvinder and Shivinder's third brother. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. Godhwani was also a confidante of Dhillon. 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. He now blogs critically about it, having since left. 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. Our Leading Categories. 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. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. 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. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. 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 elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. Godhwani was the financial head and adviser of RSSB. But that was not to be. Dhillon battled cancer and recovered from it in 2013. 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. 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. 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. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. This was followed by three years of profits and then another Rs123 crore loss in 2016/17. Also Read: Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the US and faced $500 million in fines. Well, that. "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. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, 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. Both have a close relationship with the sect. A garnishee order is an order against a third party for the recovery of debt or dues. 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 loan and the write-off is under regulatory scrutiny. 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. 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. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. 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. % Or, was the money actually owed to Dhillon family and associates? 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). NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the, ( Originally published on Oct 08, 2019 ), 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%, Daiichi-Ranbaxy case: HC asks Radha Soami head, 54 others to deposit Rs 6,000 crore, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. Funds were then disbursed to other companies controlled by the Dhillons. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. The Master can advise but he cannot make a choice for you, he added.Representatives for the spiritual group said the Master has no role in its administration or finances. It is this firm that had borrowed the amount from Axis Bank. Who lost the money? 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. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. 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. Fortis, on the other hand, was India's largest hospital chain. Unfortunately, the adverse ruling by the Delhi High Court and the Hon'ble Supreme Court of India in the Daiichi Sankyo arbitration case, compounded the problems, resulting in severe liquidity pressures, which has triggered unanticipated defaults with banks and lenders. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. 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. The Godhwani family ran a leather business and had been known to the Singhs for two generations. 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