Shivinder Singh To Withdraw Case Against Brother: 10 Points
- "I have applied to withdraw the petition before NCLT, that is coming up for hearing. There is a mediation process that has been kicked off and if it does not work I have the option of refiling it," Shivinder Singh was quoted as saying in the PTI report.
- In his application before the NCLT, Shivinder Singh said, "The mother of petitioner no 2 (Shivinder) and respondent no 2 (Malvinder) has requested both her sons to engage in mediation led by family elders respected by both her sons with a view to them settling inter se issues between them."Â Â Â
- The application further said: "Out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the petitioners wish to withdraw the petition, without prejudice to their rights and contentions."
- On September 4, Shivinder Singh, his wife Aditi Singh and their company Shivi Holdings filed a case in the NCLT against Malvinder Singh and Mr Godhwani, alleging mismanagement of RHC Holdings, including embezzlement of funds and forgery, which led the group into a debt trap, reported news agency Indo-Asian News Service.
- As on August 27, Malvinder Singh and Shivinder Singh were the promoters of Religare on behalf of PS Trust while RHC Finance and RHC Holding were the promoter groups, according to data available on bourses.
- The Singh brothers, who have equal stakes in RHC Holdings, have lost their control of Fortis Healthcare and Religare Enterprises after lenders converted pledged shares.
- Shivinder Singh had decided to break business ties with his sibling alleging "oppression and mismanagement" at their joint businesses, according to the previous plea.
- The case by Shivinder Singh was filed in the wake of financial troubles at group businesses RHC Holding, Religare Enterprises and hospital chain Fortis Healthcare, according to a report by news agency Reuters.
- "The collective, ongoing, actions of Malvinder and Sunil Godhwani led to a systematic undermining of the interests of the companies and their shareholders," Shivinder Singh had said earlier.
- Fortis, which operates about 30 private hospitals in the country, accepted an investment offer from Malaysia's IHH Healthcare Bhd in July, ending months of speculation over control of the company. The two brothers, who now own less than 1 per cent of Fortis, have denied allegations that they siphoned funds from the hospital operator. The Singh brothers also sold their controlling stake in drug maker Ranbaxy Laboratories, founded by their family, to Japan's Daiichi Sankyo Co, in 2008. (With agencies inputs)
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