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Earlier, Malvinder Singh had, in an affidavit to the High Court and Supreme Court, alleged that Dhillon and persons associated with him had diverted close to Rs 6,000 crore from RHC. Ltd. | All rights reserved. Most of the money was used to buy real estate. 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. Funds were then disbursed to other companies controlled by the Dhillons. 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. Dhillons attempt to sell these properties to Blackstone have not materialised so far. But that was not to be. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. Another devotee, Godhwani, led Religare. What transpired in the interim was a phase of reckless global expansion across Singapore, Hong Kong, Australia, Vietnam and Dubai funded entirely through acquisitions of over $1 billion. (RSSB) Gurinder Singh Dhillon and his family members approached the Delhi high court on Friday saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. The master of Radha Soami Satsang Beas, Gurinder Singh Dhillon, is a key character in the unraveling of the financial and healthcare empire owned by the Singh brothers, Malvinder and. 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He has only ever acted out of love and has only ever had their best interests at heart.. With both Religare and Fortis slipping out of their hands, the brothers are believed to be operating out of one of the group's oldest offices at Hanuman Road while another office at Marina Building is readied. Matters came to a head in November 2016 when subsidiary Religare Finvest had to write off Rs794 crore due to non-receipt of dues from Strategic Credit Capital associated with ABG Shipyard. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Fortis had grown to Rs828 crore in revenues and had reported its first net loss of Rs33 crore in six years in fiscal 2014/15. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. Pic courtesy - CNBC-TV18. the head of the Radha Soami Satsang. y|jmdkwO?Jy|vx `&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. Dhillon battled cancer and recovered from it in 2013. 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. 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. 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. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. 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. The broad allegations are that Malvinder and Shivinder, along with other officials of REL, took loans in the name of RFL and diverted the money to other companies. 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. 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. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. Both deny any wrongdoing. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. 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. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). But Fortis had its golden run as well. Now, why Malvinder and Shivinder Singh transferred the Rs 2,700 crore (now valued at around Rs 5,000 crore) to Dhillon and his family is not known. 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. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. The Dhillons were trapped and so were the brothers. 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. Malvinder and Shivinder Mohan Singh, the brothers (nephews of the guru) who founded Religare and transferred millions of shares in the company to the guru's sons also are RSSB initiates. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. Justice J R Midha sought the response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. But since 2011, ill health, including a battle with cancer, caused the guru to step back to focus on his spiritual duties, he said. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. A garnishee order is issued against a third party for the recovery of debt or dues. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. Until you notice a striking similarity: Company after company registering it as their official address in the RoC records. It also downgraded the holding company, RHC Holding, to default. 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. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. By its very nature, financial services business needs to raise debt to lend further. Its 2007 IPO, which was offered at Rs185 per share, listed at a premium and even shot past Rs500 a share before the global financial bust in 2008. During 2008/18, for the 10 Fortis subsidiaries and eight Religare subsidiaries whose data has been filed with RoC, Religare subsidiaries reported losses worth Rs2,047 crore and Fortis subsidiaries Rs650 crore. Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC, Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them, Malvinder Singh files criminal complaint against brother Shivinder Singh, spiritual leader for financial fraud, death threat, Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers. At least 16 at last count. These entities?have become part of the promoter group due to a shareholding change in those entities. The sale occurred just as the US Food and Drug Administration started raising questions about the Indian firms manufacturing practices and the safety of its drugs, although Ranbaxy denied the allegations at the time. 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. Well, Malvinder and Shivinder are under arrest. Ranbaxy, Daiichi case: HC directs Radha Soami chief, others to clear RHC Holding dues This story is from October 11, 2019 TNN / Updated: Oct 11, 2019, 12:51 IST It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. 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. RSSB has over two million followers and a vast land bank across the country. Minority shareholders took over at Religare. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan 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. Ligare reported net losses of Rs590 crore between 2008 and 2014, the last reported results. It may just be the most auspicious location to reboot and restart. Dhillon and the Singh brothers did not respond to detailed questions on whether this money was owed to Dhillon and associates for any previous transactions or was only loaned to them. Last data available with RoC ventures with borrowing incurred net losses worth Rs843 crore in and! Businesses and to their own ventures with borrowing once the proceeds of the money used. 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