Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. For his part, Dhillon also declined to be interviewed. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. The matter is reserved for judgement. 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How the brothers spent the money is where things get interesting. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. 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. Both deny any wrongdoing. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. Such decimation of a flourishing and diversified empire within a decade is unprecedented in India's corporate history. chief Sunil Godhwani and his brother Sanjay Godhwani. 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 Singhs have said they are working to resolve issues with stakeholders. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. xX# }UTR=dlXyd2lRlF`*IER!7UV}O7z|fOT;5Dx>Umj[{?f7o1PhFygZRWw\?+ajyXVS&LmZ)L>Yk"cTIRJ$06;qQ\fqX0Z>.dU d]e(=,htKe`n:B$DcC!AWWe~GXJa,wa8l/p hHk;2|:O1bmlC_6c^rP=Db8)ZnE1QCZ6F%Mgn`;jWjcaB?r7k6U- k.{{,zzM6_Aq 7T$l(T1 8p \t A tale of two theories, From aiding weight loss to keeping insulin levels in check: Why walking is essential for you, Motorola Rizr first impressions: Refreshing and unique, but the rollable screen could be its Achilles heel, Lionel Messi orders 35 gold iPhones for his World Cup winning Argentina team and staff, Why HMD Global thinks DIY reparability could be the future of smartphones, iOS 16.4 code suggests Apple Music Classical app is now closer than ever to launch, Veterinary doctors style of reusing same page to announce leave reminds netizens of Malgudi Days, 'Tom was the first one to lose his job': IAS officer shares old clip from Tom and Jerry that forecasts use of AI, 'Far-fetched idea' becomes reality: Story of proud dads to a girl and a boy melts hearts online, Novak Djokovic advances, Rublev saves 5 match points in Dubai win, Sri Sri Ravi Shankar to visit 7 cities from March 11 to 18, Shot-putter Tajinderpal Singh Toor aims to overcome personal setbacks and break records, Ben Stokes isnt jeopardising Ashes campaign as he will be well looked after in CSK: McCullum. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the, ( Originally published on Oct 08, 2019 ), 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%, Daiichi-Ranbaxy case: HC asks Radha Soami head, 54 others to deposit Rs 6,000 crore, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. 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'. Daiichi-Ranbaxy case: Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to. 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. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. But the brothers stint was shortlived. 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". Malvinder also sued Gurinder Singh Dhillon and his family. The products made by Ranbaxy had always been of good quality which even the US FDA maintained in their statements (US FDA Press Statement dt. 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. So why did the Singhs let it go this bad, this fast? 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. Malvinder, 45, and Shivinder, 43, havent been charged with any crimes. Singhs now own a majority of this firm. But it all begins and ends with money. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. By that time, Dhillon was playing a big role in the Singhs finances. Both Religare and Fortis were extremely successful businesses. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. "Daiichi Sankyo since long has been making all possible efforts to try and sabotage the Fortis/SRL/Religare deal (blocking infusion of funds/equity and demerger). Godhwani was the financial head and adviser of RSSB. Synopsis But by February 2018, the Singh brothers lost control of the company when lenders invoked their shareholding pledged with them against shares of Fortis. 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. The Singh brothers' downfall drove a wedge between them. 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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. The court had in October ordered Gurinder Singh Dhillon along with his wife Shabnam, sons Gurkirat and Gurpreet and daughter-in-law Nayan Tara to be personally present in the court on November 14, after Dhillon and his family members had said that they did not owe any money to RHC Holding Pvt Ltd, promoted by Malvinder and Shivinder Singh. The head of RSSB works pro bono, draws no salary nor any benefits from the sect. 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. 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