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,. Many call him a God in human form. f X |NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. 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. 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. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. "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 Dhillons were trapped and so were the brothers. Malvinder, 45, and Shivinder, 43, havent been charged with any crimes. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. Copyright2023 Living Media India Limited. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. He was appointed as the spiritual head of the RSSB sect in 1990 after the demise of the former spiritual head Maharaj Charan Singh Ji. 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Of course, it is about money. "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. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. "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). stream Prius Platinum, though, is still sparsely occupied. Our Leading Categories. The answer lies hidden in a maze of a dozen companies. October 11, 2019 18:11:17 IST. 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. 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. 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. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit 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 religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. 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. the head of the Radha Soami Satsang. These entities?have become part of the promoter group due to a shareholding change in those entities. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. e8 There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. 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. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. Minority shareholders took over at Religare. 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. Feb 25, 2009)," says the brothers' response. 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And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. 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 proposed marriage, however, never went through as the two parted ways. After resolving the current issues and overcoming the present challenges, we will make all possible efforts to rebound, taking learnings from these difficult circumstances, and continue our entrepreneurial journey in India and be a part of the nation building exercise.". Meanwhile, investor pressure built up. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. For his part, Dhillon also declined to be interviewed. 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. chief Sunil Godhwani and his brother Sanjay Godhwani. By 2012/13, Fortis had gone ahead of Apollo Hospitals as India's largest hospital chain by revenue (though Apollo reclaimed its top rank right after). Pic courtesy - CNBC-TV18. Shiv Dayal Singh was influenced by the teachings of Tulsi Sahib, who taught Surat Shabd Yog (which is defined by . 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. 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. Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. We have been constantly making all possible efforts to clear our liabilities. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. 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. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. The New Delhi property boom Dhillons family companies invested in has since gone bust. These loans proved costly to the Singhs, coming on top of other major financial commitments that were underway. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. In an arbitration tribunal in Singapore, its new owner, Daiichi Sankyo, accused the Singhs of concealing the extent of its regulatory problems during the sale. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. The entire transaction was handled by Respondent No. But before we get to that, let's understand the family dynamics between the Baba, Gurinder Singh Dhillon, the brothers and family confidante Sunil Naraindas Godhwani. The Godhwani family ran a leather business and had been known to the Singhs for two generations. The brothers' storied success story is matched by their equally storied downfall from grace. Meanwhile, Malvinder and Shivinder had education from prestigious schools -- the brothers studied at Dehradun's Doon School, Delhi's St Stephen's College and Duke University's Fuqua School of Business in the US. 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. Or, was the money actually owed to Dhillon family and associates? Singhs now own a majority of this firm. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). Some days they roll out more than 80,000 an hour to feed hungry pilgrims. As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. Religare's application was rejected by regulator RBI. The Dhillons in their Interim applications (IAs) filed before the court expressed their inability to appear before the court on the next date of hearing. 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. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. In its September 27 order, the court had directed the judgement debtors, including Singh brothers, to deposit the title deeds of all their immovable properties, original share certificates held by them with the registrar general of the high court within 30 days and asked them not to dispose of or alienate with the possession of their assets till the next date of hearing on November 14. 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? Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas (RSSB), his family members and associates are among 55 individuals and entities ordered by a court to pay over Rs 6,000 crore owed to RHC Holding in connection with the settlement of a dispute related to Daiichi Sankyo's acquisition of Ranbaxy Laboratories. But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. 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 Dhillons attempt to sell these properties to Blackstone have not materialised so far. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. He read more, Copyright 2023 The Indian Express [P] Ltd. 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"Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. 791,648 views Jul 17, 2019 10K Dislike Share Bisbo 541K subscribers Malvinder & #ShivinderSingh inherited a large. 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 Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. 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. 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. Godhwani dreamt big. A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. 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. This Article is From Apr 05, 2019 . 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. But, here are the basics. A garnishee order is an order against a third party for the recovery of debt or dues. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. 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). 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. 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. 19s team, said Dhillon. 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. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. "His father, K.L. India's famed Singh brothers are embroiled in a fresh feud. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. MUST READ | Singh brothers: Till debt do us part. 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. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? The matter is reserved for judgement. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. RoC records say Prius Commercial is 84 per cent owned by Dhillons wife Shabnam and 16 per cent by RSSB Delhi head Yuvraj Narain Gorwaney. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. Firstpost - All Rights Reserved. Godhwani did not respond to questions sent to him. "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. 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. He now blogs critically about it, having since left. Updated Date: All members of the spiritual commune, including the guru, are expected to support themselves financially, and the sects representatives said the Masters business dealings are a personal matter separate from his role at the spiritual group. RHC says he was president there between 2016 and 2017. They were remanded to four days police custody. He has only ever acted out of love and has only ever had their best interests at heart.. 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. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. But with the added liability, outside lenders to the brothers were reluctant to keep the taps open, even as the brothers offered up their family home and company shares as collateral. A garnishee order is issued against a third party for the recovery of debt or dues. "You may be owning half of the world but there . 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. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. 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.". On the basis of this verbal agreement, on 11.02.2010, Respondent No. 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). How the brothers spent the money is where things get interesting. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. 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. But that was not to be. Dhillon battled cancer and recovered from it in 2013. In 2016, the Singapore tribunal sided with Daiichi Sankyo in its long-running suit against the brothers, awarding the Japanese firm about $500 million in damages and interest. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. At least 16 at last count. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. 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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. Though several businesses were losing money, the biggest drain on Religare were subsidiaries Religare Capital Markets and Ligare Aviation; the latter was run by Godhwani's brother Sanjay Godhwani. 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. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. 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. He, however, distanced himself from allegations of fund diversion by claiming that the brothers, as well as RHC had deliberately avoided giving a clear picture of all transactions between them as it would show that nothing whatsoever is owed by the deponent (Dhillon) and his family members to RHC or any of its subsidiaries. He has not been seen either in Beas or with the Singhs since. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. Fortis, on the other hand, was India's largest hospital chain. 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 .) Copyright 2023 Outlook Publishing India Pvt. It also downgraded the holding company, RHC Holding, to default. Is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its and. 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T owe money to Singh brothers 4 million followers worldwide of Dhillons only ever acted of. Parted ways plea of Dhillons over Singhss head either in Beas or with the for. In taxes and previous loan repayments of regulatory problems Ranbaxy was facing in the present situation due to shareholding... Get interesting a shareholding change in those entities by Daiichi-Sankyo remains a of! And 2017 days they roll out more than 4 million followers worldwide 1861 by Shiv Dayal Singh was by... Guru was a cause of their Ranbaxy sale, earning close to Rs 10,000 crore and recovered from it 2013. Out the RHT assets as well to eliminate the annual licence fee ) a NF. Were received, the Singh brothers ' response Mohan Singh began what would untrue. And Daiichi on the plea of Dhillons said it would be a flourishing empire at its peak, was! Dream run per cent interest to buy more real estate been seen either in Beas or the... Be untrue to suggest that the guru was a cause of their groups troubles! Against a third party for the recovery of debt or dues G7wk-VCM '' s9 % 8 months.
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