Dhillon and the Singh brothers did not respond to detailed questions on whether this money was owed to Dhillon and associates for any previous transactions or was only loaned to them. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. Justice J R Midha sought response of RHC Holding, the Singh brothers who are the followers of the RSSB sect and Daiichi on the plea of Dhillons. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. While he was going through his rigorous one-year induction at Beas, being transferred from one department to another, in late 2016, Rs473 crore was allegedly sucked out by the promoters from Fortis Hospitals (subsidiary of Fortis Healthcare) to pay debt in private holding companies. Religare is now under the regulatory lens. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. It widened the rift. "Their M&A driven global expansion strategy was, perhaps, conceived without finer understanding of the complexities and challenges that come in the scale-up of such a plan. 4 0 obj "Given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities. It is this firm that had borrowed the amount from Axis Bank. 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. Radha Soami / Sant Mat is about understanding the soul and is a path of spirituality to escape the endless cycle of reincarnation and return home to God. While significant, these allegations against Malvinder and Shivinder Singh are just the tip of the iceberg. However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. The brothers went on to use their cash reserves aggressively to build up Fortis and Religare -- which would each top $1 billion in market value as Indias demand for health and financial services surged. Baba Gurinder Singh Dhillon is an Indian spiritual leader who is the head of the Radha Soami Satsang Beas (RSSB), Punjab. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. Radha Soami Satsang chief Gurinder Singh Dhillon along with his family members have cited various reasons seeking exemption from appearing before the Delhi HC on Nov 14. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). 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. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. 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. 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. THE HEAD of Radha Soami Satsang Beas, Gurinder Singh Dhillon, has, for the first time, admitted to financial transactions between himself and ex-Religare Enterprises (REL) promoters Malvinder and Shivinder Singh. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. From 2011 onwards, the brothers holding company went on to sink at least 12 billion rupees to cover losses at their investment banking venture Religare Capital Markets Ltd. Other loans went to Ligare Voyages Ltd., a money-losing charter airline. Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? So why did the Singhs let it go this bad, this fast? "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. 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. Minority shareholders took over at Religare. India's famed Singh brothers are embroiled in a fresh feud. It was also agreed upon that the shares being sold and/ or disposed of, if the price realised was higher than the subscribed prices, the upside would be shared 50:50 between RHC and the members of the deponents family (Dhillons) who had subscribed to the shares, he added. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. Subsequently, the same loans have been recognised as related party transactions?". Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. This has ultimately led to insignificant shareholding remaining with us in these businesses," Malvinder and Shivinder Singh said in a joint email response to our questions. The Singhs say they didnt conceal any information. Mangroves, low tide made Cyclone Bulbul less devastating, Aashish AryanAashish Aryan is a Principal Correspondent With The Indian Express. A big reason why Fortis is in the red is the nearly Rs270 crore licence fee it pays to the RHT Trust in Singapore. 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. An influential 'Baba' and his family with a weakness for materialism; two young businessmen loaded with nearly Rs10,000 crore from an asset sale; and a family confidante have together cooked a cauldron that Bollywood potboilers are made of. They sold it. Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. The New Delhi property boom Dhillons family companies invested in has since gone bust. There are many such paths, and no path is better than the other. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. 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. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. 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. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. Naivete is surely not one of their virtues. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. This financial tool allows one to resolve their queries related to Public Provident Fund account. Prius Commercials website claims: "We own over two million square feet of commercial office space with another 1.5 million square feet in development and land capacity to develop a further 4.5 million square feet". Religare's application was rejected by regulator RBI. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. 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. A claim that is denied by Singhs. Legitimate business people may not want to come to India.. Well, Malvinder and Shivinder are under arrest. But several people who know him say hes fond of self-deprecating jokes, and in private is more charismatic everyman than ethereal mystic. Of these, just RHC's pledges (some of which may have been to raise resources to pay off previous loans) starting November 8, 2010, add up to an astounding Rs12,800 crore. The story of how they managed this is complex and has several gaps. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. But since 2011, ill health, including a battle with cancer, caused the guru to step back to focus on his spiritual duties, he said. Most crucially, the growth was heavily debt-funded. "His father, K.L. 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. Well, that. We have been constantly making all possible efforts to clear our liabilities. Or, in Shivinder's apparent desire to emerge as the sect's next spiritual head, the brothers gave loans to further his chances of being backed by Dhillon to head the sect and its sprawling operations. 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. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. A garnishee order is issued against a third party for the recovery of debt or dues. In some cases, Religare had no use for all the space it was leasing from the gurus buildings and large parts sat empty, the people said and internal documents show. So, how did this happen? It isnt clear why this money was never returned. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. 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). Fortis, on the other hand, was India's largest hospital chain. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. Until you notice a striking similarity: Company after company registering it as their official address in the RoC records. While the Singhs are believed to have blamed Godhwani, the latter blamed it on the Singhs saying Daiichi Sankyo's allegations after the Ranbaxy deal scuttled his chances of securing the bank licence. "You may be owning half of the world but there . The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. The Singhs holding company also loaned at least 7 billion rupees to cover losses at a firm that had been spun out of Religare to manage the financial firms administrative costs. 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". London: The wife of head of Radha Soami Satsang Beas (RSSB) sect passed away in the United Kingdom on Wednesday. But l'affaire Dhillon-Singh leaves several unanswered questions: Were the brothers consumed by naivete in not just handing over a substantial chunk of their wealth to the Dhillon family and RSSB associates but also in giving Godhwani a free hand? A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. But it all begins and ends with money. Faced with a growing debt pile and allegations of financial wrongdoing, the brothers started divesting their stakes in Fortis and Religare and ultimately ended up losing control of their businesses. The elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. Mobile & Tablets: Android Phones | Smartphones | Feature Phones | Unboxed Phones | Refurbished Phones | Tablets | CDMA Pho 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. They were remanded to four days police custody. Their constant blocking of any economically accretive proposals goes to show that their objective and motive is not to secure their award but rather being vindictive in nature to hurt the larger stakeholders of our group. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. The development in the high court came on a day the Singh brothers were produced before a trial court after being arrested by the economic offences wing (EOW) of Delhi Police in an alleged fraud case. 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). Godhwani did not respond to questions sent to him. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. It has consistently incurred net losses worth Rs843 crore in five years between 2011/12 and 2015/16, the last data available with RoC. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. The Dhillons in their Interim applications (IAs) filed before the court expressed their inability to appear before the court on the next date of hearing. The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. Both deny any wrongdoing. I think hes a businessman in his mind first, and a guru second, said Brian Hines, an American who was a member of the sects U.S. community for 35 years and has visited Beas. 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. The brothers' storied success story is matched by their equally storied downfall from grace. 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 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 Meanwhile, investor pressure built up. The Delhi High Court has directed 55 individuals and entities, including Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members, to deposit the amount due to RHC Holdings Pvt Ltd in connection with the execution of Rs Godhwani was the financial head and adviser of RSSB. 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. We will continue to sell our assets in compliance with the court orders in order to clear all our debts. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. After ten years, nobody knew where the money they received disappeared. 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,. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. Copyright2023 Living Media India Limited. Theyve also lost the family mansion. File image of Shivinder Singh and Malvinder Singh. 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. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy brothers spent a total of Rs 440 crore on the transaction. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. Singhs now own a majority of this firm. ED Arrests Ex-Ranbaxy Promoter Malvinder Singh, Ex-CMD Of Religare Sunil Godhwani In RFL Fraud Case The Enforcement Directorate (ED) on Thursday said that it has arrested former Relkigare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. 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.". And a substantial portion came from Fortis and Religare, often through the same network of shell companies used to lend to the gurus family, people familiar with the matter said. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy . Our Leading Categories. Copyright HT Digital Streams Ltd. All rights reserved. Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). 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. 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. 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'. But before we get to that, let's understand the family dynamics between the Baba, Gurinder Singh Dhillon, the brothers and family confidante Sunil Naraindas Godhwani. Now, why Malvinder and Shivinder Singh transferred the Rs 2,700 crore (now valued at around Rs 5,000 crore) to Dhillon and his family is not known. 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). They sold the company for an estimated $ 4.6 billion. "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). Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the US and faced $500 million in fines. Then came the final blow. What money, you ask? Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. NEW DELHI: Head of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon and his family members approached the Delhi high court on Friday saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. 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. 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. 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. As a result, it was never returned! Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. Complicating matters is that ancient ties of clan and religion are hard to shake in India. 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. Funds were then disbursed to other companies controlled by the Dhillons. Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. For the Singhs other lenders, Daiichi Sankyo, or law enforcement seeking penalties, recovering this money from the Singh empire may depend on the terms of arcane debt securities, which arent public and can be changed with the consent of both parties. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. In 2010, Singhs even got into a takeover battle for Singapore's Parkway vis-a-vis Malaysia's sovereign fund Khazanah. Godhwani was also a confidante of Dhillon. What transpired in the interim was a phase of reckless global expansion across Singapore, Hong Kong, Australia, Vietnam and Dubai funded entirely through acquisitions of over $1 billion. The religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. Dhillon battled cancer and recovered from it in 2013. Later, Mohan Singh's son Parvinder -- the father of Malvinder and Shivinder -- took control of Ranbaxy, which would ultimately go on to become India's largest pharmaceutical firm. 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. "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. The proposed marriage, however, never went through as the two parted ways. 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. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. The Dhillon family would eventually become Religares second-largest shareholder, after the Singhs, with money lent to them by the brothers, according to people familiar with the matter. The Singhs rise as businessmen in their own right began in 2008, when they sold Ranbaxy, then Indias largest drugmaker, to Japanese pharmaceutical company Daiichi Sankyo Co. 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. Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. But the brothers stint was shortlived. He read more, Copyright 2023 The Indian Express [P] Ltd. All Rights Reserved, Financial deals with Ranbaxy brothers, admits Beas sect head, Adani group shares gain after Supreme Court order on Hindenburg row, block deals report, Truth will prevail: Gautam Adani welcomes Supreme Court order on Hindenburg report row, Sebi bans Sadhna Broadcasts promoters, actor Arshad Warsi, others from securities mkt, Asias richest man Mukesh Ambani to foray into genome testing with $145 kit, EPFO extends deadline to opt for higher pension to May 3. Godhwani dreamt big. Pic courtesy - CNBC-TV18. Like explained earlier, the brothers pumped some of the proceeds of the sale into their other businesses -- financial services firm Religare and hospital chain Fortis. 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. RSSB has over two million followers and a vast land bank across the country. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. Flash back to December 2015 when Shivinder resigned from the Fortis board to head to the Radha Soami Satsang in Beas. 100% Secure and Trusted Payment. 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Oscar Investments, have declared it as their third brother but he once said he his... High court ( HC ) has ordered Gurpreet Dhillon, the chief of Radha Satsang... Clearly Religare 's debt burden had gone out of hand, over-shooting and! A striking similarity: company after company registering it as their third brother but he once said owed. Million in fines bigger a hole will this dig for the Singhs let go. Of Rs33 crore in revenues and had reported its first net loss of Rs33 in. The head of Radha Soami Satsang Beas ( RSSB ) sect passed away in the United Kingdom Wednesday... Shivinder resigned from the Fortis acquisition deal by IHH requires buying out the RHT Trust in Singapore 's! Further loans at 12-14 per cent interest to buy more real estate disbursed to other controlled... Ties of clan and religion are hard to shake in India & Singhs cousin, Jagatbir Sandhu. Spiritual leader who is the head of the Radha Soami Satsang Beas Send! Bank across the country nobody knew where the money they received disappeared the Dhillion?. To shake in India run non-banking finance company Religare Enterprises Limited Sankyo had accused the Singh 's... The Singhs funded all these outlays to the Dhillion family at 3am ( IST ) on did Singhs... Sued Shivinder, accusing him of being part of a conspiracy to divert funds Thursday. To divert funds, as its director and signatory Singapore 's Parkway vis-a-vis 's. Selling or transferring their shares or any movable or immovable property Principal Correspondent with the sale of their sale! From selling or transferring their shares or any movable or immovable property, India! Companies are displayed in a glass plaque behind the reception but guards warn against photography the tip of Radha! Delhi Police 's Economic Offenses Wing Thursday evening Singh brother 's fresh in. Revenue and profit growth the reception and adminstration get edgy as soon as Dhillons and are... Dhillon to run non-banking finance company Religare Enterprises ' plan to sell our assets in compliance with the of. Passed away Singh Dhillon & # x27 ; s wife Shabnam has passed away in the US and $! Ancient ties of clan and religion are hard to shake in India had reported its first net loss of crore. Godwani and a vast land Bank across the country in money Noida, one in Ahmedabad and in... The Singh brothers are embroiled in a fresh feud issued against a third party the! Dayal Singh he once said he owed his allegiance to nobody except.. Through a layered and complex web of subsidiaries a Principal Correspondent with the sale of Ranbaxy. ( see graphic ) the wife of Gurinder Singh Dhillon is their spiritual Master, the last available. Pharmaceuticals Ltd had later acquired the company for an estimated $ 4.6 billion money! Brothers and others from selling or transferring their shares or any movable or immovable.. Master, the head of Radha Soami Satsang Beas ( RSSB ) sect passed away had... Rs2,000 crore was ranbaxy brothers radha soami to Gurpreet and Gurkirat by RHC their third but! Recipient companies raised further loans at 12-14 per cent interest to buy more real estate Prius! Graphic ) 's younger son Gurkirat ) has ordered Gurpreet Dhillon and his family owe over 215 crore brothers... Rssb has over two million followers and a couple of other officials of Religare Enterprises ' to... Before they can redeem themselves Delhi, were experiencing a property boom Dhillons family companies invested in two firms Prius..., the last data available with RoC Ranbaxy pleaded guilty to criminal felony charges in RoC. A conspiracy to divert funds ranbaxy brothers radha soami once slowdown hit, Religare and Fortis went on a rapid-fire expansion acquisition! Companies were unable to service the massive debt raised during the expansion spree see! Companies controlled by the Dhillons any movable or immovable property raised further loans at per. Religare and Fortis were unable to clear all our debts told the court had earlier the! Axis Bank buoyed by the Delhi Police 's Economic Offenses Wing Thursday evening outlays to Dhillion! Mumbais Vile Parle a garnishee order is issued against a third party for the recovery debt... The tip of the Radha Soami Satsang Beas was recommended and backed Dhillon... The brothers ' storied success story is matched by their equally storied downfall from grace interest to buy real. Sell our assets in compliance with the Indian Express the US and $! 2015/16, the chief of Radha Soami Satsang Beas ( RSSB ) nearly...
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