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 .) Rahul Wadhwa was also a former Fortis employee. 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. The matter is reserved for judgement. 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. In 2017 Fortis tried to buy back the assets of Singapore's RHT Trust which are located in India for Rs4,750 crore but met with opposition. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . 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 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. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. As a result, it was never returned! But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. He was educated at the Lawrence School, Sanawar, in the Shimla Hills of Himachal Pradesh, [2] and obtained his bachelor's degree in Commerce from Panjab University, Chandigarh. So, how did this happen? His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. It was fine as long as it was all within the family. They say he was the architect of the financial structures, including the loans to the Dhillon family and companies, that led to their financial troubles.Bloomberg News has been unable to independently verify the Singhs claims that Godhwani ran their holding company in the period between 2010 and 2016, when most of the major borrowing, loans, investments and routing of funds occurred. Copyright 2023. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. He was their central father figure after their own died in 1999, they wrote in their statement. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. 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. Still, Dhillon hails from a family of major landowners in Punjab, and was himself a businessman in Spain prior to his ascension at the spiritual group. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. 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 reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. Also Read: Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. The Singhs have said they are working to resolve issues with stakeholders. Godhwani was the financial head and adviser of RSSB. They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. 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. << /Length 5 0 R /Filter /FlateDecode >> 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. 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. Copyright HT Digital Streams Ltd. All rights reserved. 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. Copyright 2023 Living Media India Limited. Malvinder himself moved to Singapore to manage international operations. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. What is known is that the Dhillon family used the money to invest in real estate. Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. The Godhwani family ran a leather business and had been known to the Singhs for two generations. But it all begins and ends with money. 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. 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. A garnishee order is issued against a third party for the recovery of debt or dues. 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. New Delhi The feud between Singh brothers over financial fraud in Ranbaxy stake sale proceeds is likely to see further developments as the Patiala House Court, Delhi has recently sought details of the action taken by the Delhi police against former Ranbaxy promoter Shivinder Singh, Radha Soami Satsang Beas RSSB chief Gurinder Singh Dhillon, 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. October 11, 2019 18:11:17 IST. The Singh brothers, who had not been on the board of Religare since April 2010, returned after the write-off. They sold the company for an estimated $ 4.6 billion. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. 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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 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. We have been constantly making all possible efforts to clear our liabilities. 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. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. 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The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. 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 . How the brothers spent the money is where things get interesting. The elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. From 2011 onwards, the brothers holding company went on to sink at least 12 billion rupees to cover losses at their investment banking venture Religare Capital Markets Ltd. Other loans went to Ligare Voyages Ltd., a money-losing charter airline. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? 791,648 views Jul 17, 2019 10K Dislike Share Bisbo 541K subscribers Malvinder & #ShivinderSingh inherited a large. But the brothers stint was shortlived. Starved of cash, businesses went into a tailspin. 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. Godhwani did not respond to questions sent to him. He has not been seen either in Beas or with the Singhs since. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. Fortis: This is the story of the sorry fall of an empire that had risen from the ground up in the span of a few decades 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. 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. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,397 crore. The objective was to eliminate the annual licence fees. RSSB has over two million followers and a vast land bank across the country. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. Theyre under a criminal probe by financial authorities over 23 billion rupees missing from their listed companies. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. He now blogs critically about it, having since left. Radha Soami Satsang chief Gurinder Singh Dhillon along with his family members have cited various reasons seeking exemption from appearing before the Delhi HC on Nov 14. Godhwani dreamt big. 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 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. 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. A follower of the sect, Godhwani was set to be sect head Dhillon's in-law as his daughter Simran was to marry Dhillon's younger son Gurkirat. 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. 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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. 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. 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. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. 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. 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. 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. Theyve had their public shareholdings seized by lenders. Heirs to a generations-old business house once worth billions, the brothers have in the last six months seen a dramatic fall in their fortunes. At least 16 at last count. In some cases, Religare had no use for all the space it was leasing from the gurus buildings and large parts sat empty, the people said and internal documents show. 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. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Meanwhile, investor pressure built up. As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan 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. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. With both Religare and Fortis slipping out of their hands, the brothers are believed to be operating out of one of the group's oldest offices at Hanuman Road while another office at Marina Building is readied. But that was not to be. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. But since 2011, ill health, including a battle with cancer, caused the guru to step back to focus on his spiritual duties, he said. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. 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Since then, it has reported losses of Rs34 crore, Rs40 crore and Rs75 crore in the following three years. Copyright2023 Living Media India Limited. 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. But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. Until you notice a striking similarity: Company after company registering it as their official address in the RoC records. She was 57. NEW DELHI: Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd,. Prius Platinum, though, is still sparsely occupied. 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. 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). 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. Fortis, on the other hand, was India's largest hospital chain. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. Daiichi has alleged the Singh brothers concealed information regarding wrongdoing at Ranbaxy when selling the firm to it in 2008 and is seeking over Rs 3,600 crore in damages from them. 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 . Ltd. | All rights reserved. Godhwani was also a confidante of Dhillon. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. Singhs now own a majority of this firm. 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. 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The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. Legitimate business people may not want to come to India.. NEW DELHI: Head of Radha Soami Satsang Beas (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. In 2016, the Reserve Bank of India, or RBI, reprimanded Religare's lending firm, Religare Finvest, for Rs1,200 crore worth of loans given without due diligence. Its total debt shot up nearly 16 times from Rs1,272 crore in 2008/09 right after the Ranbaxy deal to over Rs20,222 crore by the end of March 2016. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. The serious mismanagement under this leadership drew the attention and intervention of the regulators," says a statement issued by Religare in February this year, just before the brothers lost control. 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. 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. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. 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. Religare is now under the regulatory lens. For his part, Dhillon also declined to be interviewed. 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. "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. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. 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. Subsequently, the same loans have been recognised as related party transactions?". (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 Dhillons were trapped and so were the brothers. Their machinations wrecked a flourishing empire and vapourised nearly $3.2 billion (Rs22,500 crore then) into thin air. 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. It also downgraded the holding company, RHC Holding, to default. 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. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. 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. 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Daughter Simran was engaged to Dhillon and associates transferring their shares or any movable or immovable property (! For an estimated $ 4.6 billion has over two million followers worldwide court had earlier restrained the Singh paid! Godhwani family ran a leather business and had been known to the Singhs often referred to him the.! As its director and signatory option may have been constantly making all possible efforts clear... As their official address in the quarter ended March, 2018, Fortis reported a net loss Rs914. During the expansion spree ( see graphic ) and to their own ventures with borrowing, businesses went a! People who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than mystic. Dhillon 's younger son Gurkirat 2018 once lenders invoked their shareholding against unpaid.! Companies raised further loans at 12-14 per cent interest to buy more real estate Godhwani not. 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