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17th of October 2018

Economy



Shivinder Singh withdraws petition against brother Malvinder

Shivinder Singh, former promoter of Fortis Healthcare, has sought withdrawal of his petition in National Company Law Tribunal (NCLT) filed last week against his elder brother Malvinder Singh and others. After the intervention of their mother, Shivinder Singh has taken the step to sort the matter out of court.

In withdrawal appeal, seen by DNA Money, Shivinder and his holding company have requested the principal bench of company law tribunal for "withdrawal of the petition along with affidavits".

A source close to the Singh family, privy to the development, told DNA Money, "Singh brothers are working out an out-of-court settlement since the last five days."

Ranjana Roy Gowai, counsel for Shivinder Singh, said, "Their mother wants the matter to be sorted out of the court, within the family with elders ironing out issues between the brothers. Hence, Shivinder Singh plans to withdraw his application."

Last week, Shivinder had moved NCLT against his brother Malvinder alleging mismanagement of transactions with other entities.

He alleged that Malvinder and financial adviser Sunil Godhwani used Religare Enterprises Ltd (REL), a non-banking financial company, to borrow money from public and "pushed the company into debt trap".

Shivinder also questioned the decisions taken in the case of Religare's NBFC arm-Religare Finvest Ltd's transactions and sale of flagship drug company Ranbaxy to Daiichi. The Singh brothers left Fortis after being slapped with a Rs 3,500 crore fine for improper $4.7 billion Ranbaxy and Japanese company Daiichi Sankyo deal.

Shivinder claimed in his petition that he was not the part of the deal in 2008. It was Malvinder and Sunil Godhwani "who had carried out the Ranbaxy deal", he claimed.

Shivinder resigned from all the posts of Fortis Health During on September 23, 2015, after which he and his wife Aditi Singh joined Radhasoami Satsang Beas (RSSB) at Beas, Punjab, to do charitable work.

Last week, Shivinder's counsel requested NCLT to bar any sale of shares in RHC Holdings by his brother Malvinder Singh, which was allowed.

TRUCE CALL Shivinder had moved NCLT against his brother Malvinder alleging mismanagement of transactions with other entities   He alleged that Malvinder and financial adviser Sunil Godhwani pushed Religare Enterprises into debt trap Read More




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