Ltd. | All rights reserved. The dues have now ballooned to . 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. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. 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. Copyright 2023 Living Media India Limited. Shivinder is now believed to be back in Delhi sorting the group's financial mess. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. 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. Godhwani dreamt big. So why did the Singhs let it go this bad, this fast? There are many such paths, and no path is better than the other. Our Leading Categories. On the other hand, the Dhillon family and RSSB associates got lured by the real estate sector, which was delivering phenomenal returns between 2008 and 2011. 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So he took an active interest in the Singhs holdings, the people said. RHC, the holding company, also made personal loans of 5 billion rupees to Dhillon family members, via a network of shell companies, people familiar with the matter said. Dhillon is the head of the spiritual sect Radha Soami Satsang Beas, which is a breakaway faction of the Radha Soami sect founded in the 19th century in Agra. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. And, this is where things took a turn for the bad. 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. 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. How the brothers spent the money is where things get interesting. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. The Singhs downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the worlds fastest growing major economy. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. Addon Realty, which got Rs100 crore from Fortis, is also run by RSSB's Yuvraj Narain Gorwaney, his wife Sangeeta Narain and another Satsangi and Singh brothers cousin Sharanbir Singh Sandhu. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. Since then, the finances of the spiritual leader and the brothers have grown intertwined, with money flowing from the Singhs to the Dhillon family via loans through shell companies and an array of arcane financial instruments, according to the documents and people familiar with the matter, who asked not to be named because of the ongoing legal probes. At the consolidated level, the company went into the red soon after. gurinder singh dhillon family pics. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. Godmen and spiritual societies are part of the lives of India's super rich Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. Feb 25, 2009)," says the brothers' response. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. But the brothers story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce. Fair enough! Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. 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. Radha Soami is a spiritual tradition or faith founded by Shiv Dayal Singh (Soami ji maharaja) in 1861 on Basant Panchami Day in Agra, India.. His parents were Nanakpanthi, followers of Guru Nanak of Sikhism, and were also followers of a spiritual guru from Hathras named Tulsi Sahib. Many call him a God in human form. 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. With both the Dhillons and the Singh brothers refusing to respond to detailed questionnaires, it's hard to decipher what transpired in their business dealings. Complicating matters is that ancient ties of clan and religion are hard to shake in India. 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. Their total borrowings hit about $1.6 billion by March 2016, filings show.As things deteriorated, funds at the two primary public companies controlled by the Singhs, Fortis and Religare, were continuously routed back and forth via shell companies to deal with cash shortages elsewhere in the Singh family empire, according to multiple people familiar with the matter. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. Religare's application was rejected by regulator RBI. From a net profit of Rs92 crore in 2008, it reported net losses of Rs295 crore, Rs149 crore and Rs481 crore between 2010/11 & 2012/13. 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. 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. Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. The brothers' storied success story is matched by their equally storied downfall from grace. The Singhs owned a 51 percent stake in Lowe. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. The Godhwani family ran a leather business and had been known to the Singhs for two generations. Sunil Godhwani is the former chairman of Religare and was once considered to be Malvinder and Shivinder's third brother. A SIP calculator is a simple tool that allows individuals to get an idea of the returns on their. What is known is that the Dhillon family used the money to invest in real estate. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. In the first, being the head of the sect and a father figure to Singh brothers, Dhillon had an upper hand; in the second, equal partners Malvinder and Shivinder were led by Malvinder; in the third, Godhwani, being backed by the Dhillons, pretty much ran Religare independently. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. 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. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. On Friday, a day after they were arrested for alleged diversion of funds and causing a loss of 2,397 crore to Religare Finvest Ltd (RFL), brothers Malvinder Singh and Shivinder Singh, former promoters of Religare Enterprises Ltd, were remanded in four-day Police custody. Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. They say Godhwani was in charge of both Religare and RHC at the period in question. Interestingly, both Malvinder and Shivinder also blamed Sunil Godhwani for their downfall. 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. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. 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. We will continue to sell our assets in compliance with the court orders in order to clear all our debts. 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. Copyright 2023. 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. stream .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit The Singh brothers' downfall drove a wedge between them. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. At least 16 at last count. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). Both deny any wrongdoing. Subsequently, the same loans have been recognised as related party transactions?". When Indias central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs main holding company, it demanded it be paid back, but it still hasnt been. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. Both agencies didnt respond to requests for comment. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. Minority shareholders took over at Religare. 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). Baba Gurinder Singh Dhillon is an Indian spiritual leader who is the head of the Radha Soami Satsang Beas (RSSB), Punjab. 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. A garnishee order is issued against a third party for the recovery of debt or dues. 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. 791,648 views Jul 17, 2019 10K Dislike Share Bisbo 541K subscribers Malvinder & #ShivinderSingh inherited a large. The drama got a dash of spice when Shivinder gave up his corporate fiefdom in 2015 and declared he was taking a spiritual path and going to live at the Radha Soami Satsang in Punjab, only to return last year and allege that his brother had run their businesses to the ground. The high court had on January 31, 2018 upheld the international arbitral award passed in favour of Daiichi and paved the way for enforcement of the 2016 tribunal award against the brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for Rs 9,576.1 crore. A further sum of Rs 35 crore was taken out by his sons as loans for personal purposes, but was subsequently returned in 2011, Dhillon claimed in his affidavit. The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. y|jmdkwO?Jy|vx `&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. 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. 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. 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. Lending arm Religare Finvest also reported a net loss of Rs350 crore in 2016/17 while its debt shot up from Rs1,695 crore in 2008 to Rs17,218 crore in 2016. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. Chief of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon has admitted of his financial dealings with the Singh brothers though he denied of "any liability" towards RHC holdings Ltd, promoted by Malvinder and Shivinder Singh. Watch video, Ranbir Kapoor is scared about his daughter Raha not recognising him if he shaves his beard: It will break my heart, KCET 2023: Online registration process begins, steps to fill the application form, Men And Skincare: The New Frontier For Personal Care Market, Paris Fashion Week: Model walks Heliot Emil runway engulfed in flames, Horoscope Today, March 3, 2023: Check astrological prediction for Scorpio, Sagittarius, Cancer, Aries and other signs, We must find common ground: At G20 meet, S Jaishankar flags pressing global challenges, ACF confers Grandmaster D Gukesh with Player-of-the-Year award, Sagardighi result shows Mamata not invincible: Adhir Ranjan Chowdhury, Ramnath Goenka Excellence in Journalism Awards, Statutory provisions on reporting (sexual offenses), This website follows the DNPAs code of conduct. They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. Godhwani did not respond to questions sent to him. 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. 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. Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. How the brothers spent the money is where things get interesting. 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. 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