Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. Shivinder is now believed to be back in Delhi sorting the group's financial mess. Two companies, Prius Real Estate Private Ltd. and Lowe Infra and Wellness Private Ltd., were set up by people close to the guru, and although partly hidden by layers of shell companies, the Dhillon family had ownership interests in both, people familiar with the matter said and filings show.Over the next two years, these firms together received about 20 billion rupees in zero-interest loans from the Singhs private holding company or its subsidiaries, according to the people and the documents. They had to sell the home they grew up in to pay back another lender. As many as 500,000 devotees sometimes visit the ashram at once to listen to his teachings of how meditation, vegetarianism and high moral values can help one escape the cycle of death and rebirth. We have been constantly making all possible efforts to clear our liabilities. The brothers ultimately lost the case and were ordered by a Singapore tribunal to pay $500 million (around Rs 3,500 crore at current rates). When the value of Ranbaxy was at its peak, the brothers sold their 33.5% stakes to the Japanese pharma giant Daiichi Sankyo group and got loaded with Rs 9,576 crore cash in hand from the deal in 2008. This, RFL alleges, caused the company losses of Rs 2,387 crore. 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. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. He was educated at the Lawrence School, Sanawar, in the Shimla Hills of Himachal Pradesh, [2] and obtained his bachelor's degree in Commerce from Panjab University, Chandigarh. 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. File image of Shivinder Singh and Malvinder Singh. 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. Business chatter has been abuzz ever since brothers Malvinder and Shivinder Singh's debt pile of nearly Rs 13,000 crore came to light two years back. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. Many of them have even declared the same email ID in the RoC records: cs.gysgroup@gmail.com; and are also being audited by the same firm. 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. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. 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. 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. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. We will continue to sell our assets in compliance with the court orders in order to clear all our debts. 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. But the brothers stint was shortlived. So, how did this happen? They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. 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. The Singhs are appealing the ruling. Radha Soami Shabad Satsang:The company of truth;association with the truth.Satsang ordinarily means the company of saints or advanced souls,or a gathering of devotees held under the auspices of a . 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. 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. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. The common point of Singh brother and Sunil Godhwani was RSSB. In an affidavit filed with the Delhi High Court dated November 12 and reviewed by The Indian Express, Dhillon admitted that the Singh brothers had in 2010, through RHC Holding (a company controlled by the brothers), approached him and his family to subscribe to a rights issue of REL that was not fully subscribed at that moment. As a result, it was never returned! "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Two years after the Singh-Daiichi deal, Ajay and Swati Piramal also sold their pharma business to Abbott Laboratories for Rs18,000 crore. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit Download The Economic Times News App to get Daily Market Updates & Live Business News. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. "The ability of the company to timely execute the strategic sale of its assets and eliminate the exposure to its corporate loan book, grow its loan portfolio and improve its profitability while improving its asset quality are the key rating sensitivities," the Care Ratings report said. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. 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. Rahul Wadhwa was also a former Fortis employee. 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%, Ranbaxy case: Radha Soami chief seeks exemption from court appearance, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. So why did the Singhs let it go this bad, this fast? Godhwani was also a confidante of Dhillon. The brothers acknowledge having financial ties to Dhillon, and in written comments said they are in dialogue with the Dhillon family and its companies to address the money owed to them. 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. This financial tool allows one to resolve their queries related to Public Provident Fund account. Well, that. Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. Thus, Dhillon is the brothers' maternal uncle. But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. London: The wife of head of Radha Soami Satsang Beas (RSSB) sect passed away in the United Kingdom on Wednesday. Godhwani declined to comment, and he left his role as chairman of Religare in 2016. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. The Singhs say they didnt do anything illegal. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. xX#
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k.{{,zzM6_Aq 7T$l(T1 8p \t 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). 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The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. The New Delhi property boom Dhillons family companies invested in has since gone bust. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. At the heart of the allegations over which the Singh brothers have been arrested is a company that was once led by Malvinder and Shivinder -- Religare Enterprises Limited (REL). Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. 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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. He goes on to admit that his sons, Gurpreet Singh Dhillon and Gurkirat Singh Dhillon, were given possession of over 61 lakh shares each through the subscription. Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. A statement from JC Sethi, secretary of Radha Soami Satsang Beas, said Dhillon played a role helping the Singhs assert control of their fathers businesses following his death, and in guiding them after. But Fortis went into a cash crunch. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. The amount should be deposited with the courts registrar general within 30 days, according to the order dated September 27. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. How the brothers spent the money is where things get interesting. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. 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. % The matter is reserved for judgement. As they moved to settle their dues by selling assets in group companies, Daiichi Sankyo moved court to protect its interest by securing several injunctions preventing them from divesting their assets or equity. Malvinder, 45, and Shivinder, 43, havent been charged with any crimes. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. Daiichi had moved the high court seeking direction to the brothers to take steps towards paying its Rs 3,500 crore arbitration award, including depositing the amount. 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. The Singh brothers' mother Nimmi Singh is Dhillon's cousin. October 11, 2019 18:11:17 IST. It also directed Malvinder, RHC Holdings and Oscar Investments Ltd to file additional affidavits to disclose their claims and dealings with the garnishees and also the amount due to them. And, this is where things took a turn for the bad. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. For reprint rights: Syndications Today, Malvinder Mohan Singh with Takashi Shoda, then President & CEO, Daiichi Sankyo Company, after signing the Ranbaxy sale deal, Sunil Godhwani, Former MD & CEO, Religare Enterprises, Download the latest issue of Business Today Magazine just for Rs.49, The Baba, Singh Brothers and the Squandered Rs 225,00,00,00,000, Posted by: Anneshwa Bagchi, Aug 20, 2018, 12:12 PM IST, Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. The brothers' storied success story is matched by their equally storied downfall from grace. Their machinations wrecked a flourishing empire and vapourised nearly $3.2 billion (Rs22,500 crore then) into thin air. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. Theyve had their public shareholdings seized by lenders. While many of these firms are alleged to be directly or indirectly controlled by the Dhillon family, the Dhillons themselves have had direct dealings with Singh family firms. But Fortis had its golden run as well. In October, based on the submissions made by Malvinder Singh, the Delhi High Court had asked all the 55 garnishees to deposit the money they owed to the Singh brothers and RHC, within 30 days. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. 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 third figure in the Ranbaxy brothers' corporate battle is Gurinder Singh Dhillon, the head of Radha Soami Satsang Beas among the largest such communes in the world, with 20 mn followers in 90 countries, yet fiercely secretive. Updated Date: Ranbaxy case: Malvinder Singh provides proof of financial deals with Radha Soami Satsang head In an affidavit filed in the Delhi High Court last week, Singh submitted that Dhillon and his family members owed Rs 1,472.72 crore along with interest to him. Of the remaining Rs7,500 crore, Rs1,750 crore were. The court, in its September order, said the amount which has 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the registrar general of the Delhi high court within 30 days. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. 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The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. He now blogs critically about it, having since left. The role of Godhwani and Radha Soami Satsang Beas (RSSB), a religious sect and the management who joined the business with Singh brothers are also on the radar. stream f X
|NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. Dhillon battled cancer and recovered from it in 2013. Religare is now under the regulatory lens. The dues have now ballooned to . During 2008/18, for the 10 Fortis subsidiaries and eight Religare subsidiaries whose data has been filed with RoC, Religare subsidiaries reported losses worth Rs2,047 crore and Fortis subsidiaries Rs650 crore. It was suggested by them (Malvinder and Shivinder Singh) that they would finance the deponent (Dhillon) and his family to subscribe to the rights issue. The court also directed that the "55 parties shall not dispose of, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets to the tune of the amount mentioned in the affidavit of July 30, 2019 except in the ordinary course of business such as payment of salary and statutory dues till the next date of hearing. The objective was to eliminate the annual licence fees. But with the added liability, outside lenders to the brothers were reluctant to keep the taps open, even as the brothers offered up their family home and company shares as collateral. But in the case of Malvinder and Shivinder Singh, the two Ranbaxy brothers and billionaire scions who ended up in jail, the narrative goes beyond a simplistic explanation. %cu$#;O7s::U;MWW 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. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). Feb 25, 2009)," says the brothers' response. Complicating matters is that ancient ties of clan and religion are hard to shake in India. For reprint rights: Times Syndication Service. It was fine as long as it was all within the family. Pic courtesy - CNBC-TV18. 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It is this firm that had borrowed the amount from Axis Bank. Also, Gurinder Singh Dhillon and his family and several others have been ordered by the Delhi High Court to pay money owed to the Singh brothers so that they in turn can pay Daiichi. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. Earlier this year, Bloomberg News reported that the Singhs had taken 5 billion rupees from Fortis without board approval and that a New York investor had filed a lawsuit accusing the brothers of siphoning 18 billion rupees from Religare. Who lost the money? Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. He was their central father figure after their own died in 1999, they wrote in their statement. 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. He has not been seen either in Beas or with the Singhs since. 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. 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. By that time, Dhillon was playing a big role in the Singhs finances. After ten years, nobody knew where the money they received disappeared. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. MUST READ | Singh brothers: Till debt do us part. Fortis: This is the story of the sorry fall of an empire that had risen from the ground up in the span of a few decades A garnishee order is issued against a third party for the recovery of debt or dues. 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,. Malvinder also sued Gurinder Singh Dhillon and his family. 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 In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? 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