Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. The garnishees who have filed the applications stating that they don't owe any money to RHC include RSSB chief's wife Shabnam Dhillon, sons Gurkirat Singh and Gurpreet Singh and daughter-in-law Nayan Tara Dhillon, Fortis FLT Lt Rajan Dhall Charitable Trust and various companies. She was 57. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. Feb 25, 2009)," says the brothers' response. It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. A detailed mail sent to Dhillons and Singhs did not elicit any response on this. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. Fair enough! Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. 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. 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. Legitimate business people may not want to come to India.. In 2016, a Singapore tribunal asked the Singh brothers to pay 2,600 crore to Daiichi Sankyo in a case involving Ranbaxy Laboratories' regulatory issues. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. 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. Prius Platinum, though, is still sparsely occupied. Fortis, on the other hand, was India's largest hospital chain. 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,. While Fortis will now be owned by Malaysia's IHH Healthcare, which has emerged as the highest bidder, Religare is controlled by PE firm Bay Capital. Two years after the Singh-Daiichi deal, Ajay and Swati Piramal also sold their pharma business to Abbott Laboratories for Rs18,000 crore. It widened the rift. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). We will continue to sell our assets in compliance with the court orders in order to clear all our debts. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). 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.". As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. Most of the money was used to buy real estate Riches. 19s team, said Dhillon. It was agreed that the deponent and his family members would not be made liable to repay any amount or interest in respect of the said finance management since it was being done at the behest of RHC, Malvinder Mohan Singh and Shivinder Mohan Singh, Dhillon has said in his affidavit. Khanna's close business association with the Singh brothers through Ranbaxy also overlapped with his own deep-rooted belief in the teachings of the Radha Soami sect. 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, 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 The Singh brothers' mother Nimmi Singh is Dhillon's cousin. How the brothers spent the money is where things get interesting. 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. Theyve also lost the family mansion. These entities?have become part of the promoter group due to a shareholding change in those entities. We believe in the India growth story. 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. Singh brothers have alleged that besides Religare, the entire network of investment companies as well as funds in their own holding firms, Oscar and RHC Holding, were managed and operated by Sunil Godhwani independently. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. 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. The Godhwani family ran a leather business and had been known to the Singhs for two generations. 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. October 11, 2019 18:11:17 IST. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. Sunil Godhwani is the former chairman of Religare and was once considered to be Malvinder and Shivinder's third brother. Then came the final blow. Both Religare and Fortis were extremely successful businesses. By 2010, another business opportunity emerged. 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. From there it peaked to a consolidated revenue of Rs4,502 crore (March 2016), net profit of Rs320 crore (March 2015) and a marketcap of Rs6,762 crore (March 2011). The Singh brothers' downfall drove a wedge between them. This Article is From Apr 05, 2019 . Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. 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. There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. There are many such paths, and no path is better than the other. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. Of course, it is about money. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. Well, Malvinder and Shivinder are under arrest. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. For reprint rights: The Malvinder, Shivinder Singh story: Why the brothers, once billionaires, are in the dock, Supreme Court threatening to jail the brothers if they don't pay the tribunal award, Shivinder Singh sued Malvinder, accusing him of mismanagement, Sunil Godwani and a couple of other officials of Religare Enterprises Limited, Former Ranbaxy Laboratories CEO Malvinder Singh arrested in Ludhiana, Will see what needs to be done, says Meghalaya CM Conrad Sangma on alliance, Since 2005, have heard sentiments for reform, they havent materialised till date: EAM Jaishankar, PM Modi announces 'Start Up Bridge' between India, Italy, Govt bus driver climbs atop mobile tower to protest against conditions of buses, Early trends show BJP dominates in Tripura, Conrad Sangmas NPP leads in Meghalaya, BJP+ set to retain Tripura, Nagaland; Meghalaya heads towards hung assembly, Hathras rape-murder case: Court acquits 3, holds one guilty, SC directs Sebi to submit probe report in 2 months, sets up expert panel, BJP+ crosses majority mark in Tripura, says 'ready to accept all demands of Tipra Motha', Trends show NDPP-BJP alliance set to retain power in Nagaland, ahead in 39 seats, The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments, Rs 1,750 crore and Rs 2,230 crore was invested respectively in Religare and Fortis, both companies founded by the brothers, The remaining Rs 2,700 crore was mysteriously transferred to one Gurinder Singh Dhillon and his family. 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). The Singhs lost control and stepped down from both the firms in February 2018. The movement of funds at Fortis were part of normal operations at the time, and only later became related-party transactions, according to the brothers. The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. 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. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. The story of how they managed this is complex and has several gaps. Also said it would be untrue to suggest that the guru was a cause of groups. 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