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HEALTHCARE

It’s Singh versus Shivinder Singh said that “for two Malvinder and Godhwani “used their Injunction sought

The petition filed through law firm
decades he and his brother have been
respective positions to perpetrate
RRG & Associates also asked NCLT to
synonymous with one another”. In the
or cause others to perpetrate illegal
direct Malvinder “to return the funds
financial transactions and various acts
petition filed before the New Delhi-
Singh in Fortis feud bench of the National Company Law of mismanagement by and through unlawfully taken from Fortis Health-
Tribunal (NCLT), the younger of the
RHC, leading to massive losses to RHC
care and Religare Enterprises”. Shivin-
and its subsidiaries, and a depletion of
Singh siblings, who were synony -
der also requested NCLT to direct
the wealth.”
mous with each other for decades,
Malvinder and Godhwani “not to
sued Malvinder for “oppression and
Shivinder asked NCLT to declare
mismanagement” of their compa - that Malvinder and Godhwani caused alienate any interest in any asset
anywhere so that recoveries can be
nies. The petition charged Malvinder, grave prejudice to the interest of the effected against them”. While seeking
With younger sibling Shivinder Singh filing a case against his Nobody could visualise that the mat- 45, and former chairman of Religare company by acting in “collusion with interim relief, Shivinder has sought an
elder brother, Malvinder Singh accusing him of forging his wife’s ter would reach such a passé. The three- Enterprises Limited Sunil Godhwani each other”. He also requested NCLT injunction “to maintain status quo as
page document from Shivinder Singh
of putting the company in a debt trap
on filing of the present Petition” over
to “direct Malvinder Mohan Singh and
signature and then in a dramatic turn withdrawing the petition said, “I have filed a case against Malvin- and acting prejudicially to the inter- Sunil Godhwani to restitute the undue the shareholding of RHC Holdings till
and again in a U turn saying in a statement that “the decision der and Sunil Godhwani in National est of its creditors and shareholders. It gains made by themselves which lead the time of disposal of the matter. He
Company Law Tribunal for oppression
alleged that Malvinder “forged the
to losses being suffered by the petition-
also sought “status quo to be main -
to disassociate from my brother and tread an independent path and mismanagement of RHC Holding, signatures” of Aditi Singh, Shivinder’s ers and RHC Holdings”. Shivinder has tained on board of directors” of RHC
stands” , the Fortis feud, mud slinging and ugly side of corporate Religare and Fortis.” wife, in the documents of RHC Hold- also petitioned NCLT to direct Malvin- Holdings in his petition filed under
houses has spilled out in the open, writes SUMAN Singh said, “I mutely watched the ings Private Limited, which along with der and Godhwani to “restitute and Sections 241, 241 and 244 of the Compa-
organisation I founded come to a Oscar Investments Limited jointly nies Act, 2013.
point where it was publicly auctioned; owned financial services firm Relig- In a petition filed In his 43-page petition, Shivinder
hile the financial au- when she was in fact abroad. where my family and myself have been are Enterprises Ltd. and hospital chain before the NCLT, the alleged that signature of his wife Aditi
thorities, including Few years down the line nobody stripped of our legacy, our finances and Fortis Healthcare Limited. Singh, who had held the post of man-
the Serious Fraud In- close to the family could believe that my personal credibility.” The petition goes on to charge that younger of the Singh aging director of RHC Holdings, was
vestigations Office the corporate dealings would take such siblings has sued forged. “There are also instances of
W (SFIO), were probing a turn. For the record when the For- Oppression charge • Brothers fight The Singh brothers of Fortis the petitioner No 3 (Aditi Singh) being
the irregularities in Fortis and the Sin- tis deal was entered, it was touted as In a release sent to media houses, were synonymous with each other for decades Malvinder for shown as present for a board meeting
gh brothers who owe $500 million to one of the biggest acquisitions in the ‘oppression and when she was in fact abroad. For the
Daiichi Sankyo over fraud allegations Indian patient-care industry and the record, the RHC Holding Pvt Ltd is a a
related to the 2008 sale of Ranbaxy 4,500-crore Fortis-IHH deal could mismanagement’ of non-banking financial company owned
Laboratories, the family feud was never intensify competitive intensity in the by the families of Singh brothers.
open in public domain. space. The deal anticipated that post- their companies. Currently, Malvinder Singh is the man-
In fact, it is after months of closed- execution, the IHH-Fortis group of hos- aging director of the firm.
door infighting, which is a key feature pitals will be among the biggest in the restore the wealth of RHC Holdings
of many big business houses, the feud country, competing directly with some which got eroded due to their unlaw- Ghost of other deals
between well-known Singh brothers of of the large listed hospital chains. For ful actions” and disclose “their assets, It seems that it is not only Fortis ghost
the erstwhile Ranbaxy group has come instance, the Apollo has a total capac- bank accounts and net worth”. He has that refuses to leave the two broth -
out into the open. The younger sibling ity of 10,000 beds, including those at asked NCLT to declare that Malvinder ers. Daiichi is pressing hard to get
Shivinder has filed a case of “oppres- its partner networks. Max Healthcare and Godhwani caused grave prejudice 3,500 crore from Singh brothers while
sion” against his elder brother Malvin- has a network of 14 hospitals, with a to the interest of the company by acting Securities and Exchange Board of
der Singh and family friend Sunil God- combined capacity of 2,500 beds. By in “collusion with each other”. Shivinder India (SEBI) is conducting a forensic
hwani. he younger brother has charged contrast, in this deal, IHH would have alleged in his petition before the NCLT audit of Fortis and Religare.
the two with systematically undermin- got access to a network of 34 hospitals that his elder brother Malvinder per- Earlier in the year 2018, Sig -
ing the interests of Fortis Healthcare of Fortis in India and in international petrated illegal financial transactions, uler Guff & Company filed a case in
Limited. markets. forged Shivinder’s wife’s signature and Delhi High Court accusing Singh
Together, these facilities would have led the company into an unsustainable brothers of siphoning funds from
Forging wife’s signature a capacity of more than 4,600 beds. Al- debt trap. Malvinder and Godhwani Religare. The Delhi High Court up -
In his 43-page petition, Shivinder al- though IHH has a significant presence “used their respective positions to held the Singapore arbitration
leged that signature of his wife Aditi in rest of Asia with hospitals in nine perpetrate or cause others to perpe- tribunal’s decision to fine the brothers
Singh, who had held the post of man- countries and about 10,000 beds, its In- trate illegal financial transactions and for around 3,500 crore for “concealing
aging director of RHC Holdings, was dia footprint is rather modest. Current- various acts of mismanagement by and and misrepresenting” facts from Dai-
forged. “There are also instances of ly, IHH is present in five Indian cities through RHC, leading to massive losses ichi Sankyo.
the petitioner No 3 (Aditi Singh) being with a network of seven hospitals and to RHC and its subsidiaries, and a deple-
shown as present for a board meeting less than 1,600 beds in operation. tion of the wealth.” LETTERS@TEHELKA.COM
TEHELKA / 30 SEPTEMBER 2018 50 WWW.TEHELKA.COM TEHELKA / 30 SEPTEMBER 2018 51 WWW.TEHELKA.COM

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