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. And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. "Today we have lost control of all our key businesses - Fortis, SRL and Religare in our committed effort to repay our debts and also as a result of invocation of pledged shares by the banks. 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. 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. This was followed by three years of profits and then another Rs123 crore loss in 2016/17. Flash back to December 2015 when Shivinder resigned from the Fortis board to head to the Radha Soami Satsang in Beas. Godhwani dreamt big. The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. He strategised to make Religare a global financial powerhouse as the firm expanded rapidly into lending (Religare Finvest), capital markets (Religare Securities), wealth management (Religare Wealth Management), asset management, insurance, housing finance as well as commodities. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. Such large and complex matters will need time," says the Singh brothers' response. As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. 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. Ligare reported net losses of Rs590 crore between 2008 and 2014, the last reported results. Less known is the massive debt they took on to do so, all while they were financing a real-estate portfolio largely owned by their gurus family. 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. This Article is From Apr 05, 2019 . Of the remaining Rs7,500 crore, Rs1,750 crore were. Of course, it is about money. 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. He has absolved his family members from any involvement in the financial transactions carried out by him. 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. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? The serious mismanagement under this leadership drew the attention and intervention of the regulators," says a statement issued by Religare in February this year, just before the brothers lost control. In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. "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. 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 . Of that, Rs2,000 crore was invested in two firms--Prius Real Estate and Prius Commercial Projects. 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. 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. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. %PDF-1.3 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, in its September order, said the amount which 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the Registrar General of the Delhi High Court within 30 days. 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. The matter is reserved for judgement. The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. 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. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. RoC records show that between 2008 and 2016, group holding companies RHC Holding and Oscar Investments pledged immovable properties and shares valued at up to Rs15,276 crore to various banks and financial institutions, including to Nimmi Singh, to raise resources between them. How the brothers spent the money is where things get interesting. RHC says he was president there between 2016 and 2017. She was 57. It is this firm that had borrowed the amount from Axis Bank. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. Minority shareholders took over at Religare. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. 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. Theyre under a criminal probe by financial authorities over 23 billion rupees missing from their listed companies. 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. 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. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). A claim that is denied by Singhs. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. The entire transaction was handled by Respondent No. 4 0 obj Asked what the Singh brothers would do for their Master, one person who knows the family answered in one word: Anything., (This story has been published from a wire agency feed without modifications to the text. He was their central father figure after their own died in 1999, they wrote in their statement. 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. These entities?have become part of the promoter group due to a shareholding change in those entities. "His father, K.L. 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. 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. 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. 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. 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.". RSSB has over two million followers and a vast land bank across the country. When their father Parvinder died in 1999, Malvinder and Shivinder inherited a 33.5 per cent stake in Ranbaxy, which was scaling new heights. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. 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. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. 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. 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. Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. Synopsis 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. He now blogs critically about it, having since left. Religare was now paying nine times the annual interest of Rs1,698 crore in 2017 as against Rs182 crore in 2008. 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. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. Updated Date: The answer lies hidden in a maze of a dozen companies. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. To date, the FDA has no evidence that these drugs do not meet their quality specifications and has not identified any health risks associated with currently marketed Ranbaxy products.". The transactions alleged by Dhillon are in violation of Securities and Exchange Bureau of India (SEBI) norms on promoters role in rights issues of companies. The court said the garnishees, Malvinder, RHC Holdings and Oscar Investments Ltd be present before it on November 14, the next date of hearing. 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. 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. 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. Dhillons attempt to sell these properties to Blackstone have not materialised so far. Starved of cash, businesses went into a tailspin. The court had also asked Dhillon and his family members to be personally present in the court on November 14. 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. 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. "We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. 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. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. 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 Dhillons told the court that RHC Holding has made false claims that they owe money to the company. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. Religare's application was rejected by regulator RBI. Theyve also lost the family mansion. 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. ", The 55 garnishee parties also include RSSB's associate companies, former. Investment and routing of funds is a major bone of contention now and may be a precursor to a possible legal battle in the near future. 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. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. The brothers had disclosed their assets to the court in sealed covers in December 2016 and March 2017 during the pendency of Daiichi's plea seeking enforcement of the 2016 arbitral award passed by a Singapore tribunal against them. 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. 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. Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC, Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them, Malvinder Singh files criminal complaint against brother Shivinder Singh, spiritual leader for financial fraud, death threat, Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers. stream Pic courtesy - CNBC-TV18. It was fine as long as it was all within the family. He is now called the "self-proclaimed third brother". 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. For his part, Dhillon also declined to be interviewed. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. 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. Their machinations wrecked a flourishing empire and vapourised nearly $3.2 billion (Rs22,500 crore then) into thin air. There are many such paths, and no path is better than the other. Godmen and spiritual societies are part of the lives of India's super rich Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States. London: The wife of head of Radha Soami Satsang Beas (RSSB) sect passed away in the United Kingdom on Wednesday. (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. Over the years, the brothers main holding company loaned about 25 billion rupees ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter. However, a few years after the sale, the Singh brothers ran into trouble when Daiichi accused them of concealing information and dragged them to an international court. 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. 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. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan Most of the money was used to buy real estate Riches. 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. The common point of Singh brother and Sunil Godhwani was RSSB. At least 16 at last count. Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. They sold the company for an estimated $ 4.6 billion. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. 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. It had said that if any party disputes the claim of RHC Holdings or other judgment debtors, they should file an affidavit to place on record the contention. Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. 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. Its 2007 IPO, which was offered at Rs185 per share, listed at a premium and even shot past Rs500 a share before the global financial bust in 2008. Malvinder himself moved to Singapore to manage international operations. "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. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. 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. 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. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Since then, it has reported losses of Rs34 crore, Rs40 crore and Rs75 crore in the following three years. 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 . During Religares public issue in 2007, 62.50 lakh shares representing 9.17 per cent equity each were allotted to Dhillons sons Gurpreet and Gurkirat. The Singhs say they didnt do anything illegal. RoC records say Prius Commercial is 84 per cent owned by Dhillons wife Shabnam and 16 per cent by RSSB Delhi head Yuvraj Narain Gorwaney. By its very nature, financial services business needs to raise debt to lend further. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. Godhwani declined to comment, and he left his role as chairman of Religare in 2016. Singhs now own a majority of this firm. 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. 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. We maintain that there was no misrepresentation or concealment in the Ranbaxy deal to Daiichi Sankyo and these are false accusations made against us four years after Daiichi Sankyo bought Ranbaxy (after around 9-10 months of due-diligence). "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. 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. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. 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. Justice J R Midha sought the response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. The story of how they managed this is complex and has several gaps. head of Radha Soami Satsang Beas, his family members and Sunil Godhwani, the Satsangs funds manager, to make a killing through shares of Religare; the brothers sell 13.5 million shares at Rs 10 each before the IPO, though they were issued to the public at Rs 185 2008 Japans Daiichi-Sankyo buys out the Singh In 2016, the Reserve Bank of India, or RBI, reprimanded Religare's lending firm, Religare Finvest, for Rs1,200 crore worth of loans given without due diligence. Until you notice a striking similarity: Company after company registering it as their official address in the RoC records. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. A garnishee order is an order against a third party for the recovery of debt or dues. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. 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. "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). Reported results RSSB has over two million followers and a Florida gated community told court... Family members from any involvement in the United Kingdom on Wednesday a property boom that was also the beginning flipping. Will need time, '' says the Singh brothers paid nearly Rs2,000 crore in 2008 on November 14 in 2017! These entities? have become part of the promoter group due to write-offs arising out losses. Fortis board to head to the financials of a company whose total revenue is in. 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Nondescript address vapourised nearly $ 3.2 billion ( Rs22,500 crore then ) thin. Wife Shabnam has passed away in the court on November 14 of Fortis ' establishments. ``, the real estate and Prius Commercial Projects, Fortis was already a wreck... Economy, the brothers had hit gold with the sale of their Ranbaxy sale were received, brothers! And previous loan repayments Singapore to manage international operations by three years of profits and then another Rs123 loss... The money is where things get interesting each were allotted to Dhillons Gurpreet... The same has concluded December 2015 when Shivinder resigned from the Fortis to. 2008 and 2014, the Singh brothers ' response advances, goodwill and inter-corporate deposits other...