Who lost the money? The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. She was 57. He has only ever acted out of love and has only ever had their best interests at heart.. The movement of funds at Fortis were part of normal operations at the time, and only later became related-party transactions, according to the brothers. 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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. 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. They say he was the architect of the financial structures, including the loans to the Dhillon family and companies, that led to their financial troubles.Bloomberg News has been unable to independently verify the Singhs claims that Godhwani ran their holding company in the period between 2010 and 2016, when most of the major borrowing, loans, investments and routing of funds occurred. The Singhs have said they are working to resolve issues with stakeholders. 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. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. 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. chief Sunil Godhwani and his brother Sanjay Godhwani. %cu$#;O7s::U;MWW Religare Enterprises had revenues of Rs896 crore, net profit of Rs91 crore and a market cap of Rs2,819 crore at the time of the Ranbaxy deal. Singhs have claimed the money was given to a company that was not a related party when it was transferred but was subsequently acquired by the promoters and hence it became a related-party transaction. 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. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. 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. 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. By 2016, they couldnt pay back the latest in the series of loans that had been going in and out of Fortis for four years, which amounted to about 5 billion rupees. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). This, RFL alleges, caused the company losses of Rs 2,387 crore. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. Of the remaining Rs7,500 crore, Rs1,750 crore were. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. 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. A garnishee order is an order against a third party for the recovery of debt or dues. But most importantly, Rs2,700 crore were transferred to companies owned by the Dhillon family, Gurinder Dhillons wife Shabnam Dhillon and companies associated with RSSB's senior functionaries. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. 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. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. 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. That was shocking considering that, as recently as June 2008, they had hit gold with Rs9,576 crore in cash from Japan's Daiichi Sankyo for the sale of India's then largest pharmaceuticals company Ranbaxy Laboratories-an inheritance from father Parvinder Singh. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. 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. But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. 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. RHT owns 12 of Fortis' clinical establishments and two hospitals (Delhi and Gurgaon). Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. Godmen and spiritual societies are part of the lives of India's super rich The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Feb 25, 2009)," says the brothers' response. Since then, the finances of the spiritual leader and the brothers have grown intertwined, with money flowing from the Singhs to the Dhillon family via loans through shell companies and an array of arcane financial instruments, according to the documents and people familiar with the matter, who asked not to be named because of the ongoing legal probes. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. The monies were loans and advances given by RHC and the Singh brothers to companies such as Prius Real Estate, as well as to Sunil Godhwani, and Dhillon, Malvinder Singh had claimed in his affidavit. But that was not to be. A follower of the sect, Godhwani was set to be sect head Dhillon's in-law as his daughter Simran was to marry Dhillon's younger son Gurkirat. 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. 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. 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. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. The story of how they managed this is complex and has several gaps. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. 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. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. 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The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan Another devotee, Godhwani, led Religare. 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. 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. It also downgraded the holding company, RHC Holding, to default. He read more, Copyright 2023 The Indian Express [P] Ltd. 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"We have challenged the majority Arbitration Award in Singapore Courts and the hearing for the same has concluded. Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. The year was 2008 and Malvinder and Shivinder Singh could do no wrong. 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. 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 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. The Singhs say they didnt conceal any information. 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. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. The Singhs lost control and stepped down from both the firms in February 2018. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. 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. Prius Platinum, though, is still sparsely occupied. For reprint rights: Times Syndication Service. Taken together, the zero-interest loans to Dhillon firms and Singh investments gone bad created a crushing debt load that required even more borrowing to service. This Article is From Apr 05, 2019 . The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . It had also urged the court to attach their assets, which may be used to recover the award. 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. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. 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). 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. And, this is where things took a turn for the bad. 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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. Most crucially, the growth was heavily debt-funded. 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. 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 The head of RSSB works pro bono, draws no salary nor any benefits from the sect. 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. The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. "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. At least 16 at last count. stream Meanwhile, Malvinder and Shivinder are also on the hook for the $500 million (around Rs 3,500 crore) that they have been ordered to pay to Daiichi Sankyo over the irregularities in the Ranbaxy sale. The entire transaction was handled by Respondent No. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. With both the Dhillons and the Singh brothers refusing to respond to detailed questionnaires, it's hard to decipher what transpired in their business dealings. y|jmdkwO?Jy|vx
`&Zh0oIYMx-2#,$T$:H?Ui6Ne^(ZO!>\M}gTH1T:N?h}d8her=_GI. Then came the final blow. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. 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. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). 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. When their father Parvinder died in 1999, Malvinder and Shivinder inherited a 33.5 per cent stake in Ranbaxy, which was scaling new heights. But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. By 2012/13, Fortis had gone ahead of Apollo Hospitals as India's largest hospital chain by revenue (though Apollo reclaimed its top rank right after). The Singhs resources were marshaled to help the Dhillon family build a real-estate empire. File image of Shivinder Singh and Malvinder Singh. They had to sell the home they grew up in to pay back another lender. Theyve had their public shareholdings seized by lenders. ", The 55 garnishee parties also include RSSB's associate companies, former. 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. Pic courtesy - CNBC-TV18. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. Singh brothers Ranbaxy Gurinder Singh Dhillon India shabnam Radha Soami (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times .) Dhillon hasnt been accused of any wrongdoing. The proposal was shot down after India Horizon Fund & IDBI Trusteeship, representing 11 per cent shareholding in Religare, moved the National Company Law Tribunal alleging "irrational and fraudulent management of company funds by the promoters and the board of directors and frequent and unexplained write-offs by the company and its subsidiaries.". She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. 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. the head of the Radha Soami Satsang. 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 While Religare and Fortis are examples of reckless expansion and its consequences, the money transferred to Dhillon and associates-which (with interest) is now estimated to be between Rs4000-5,000 crore-remains unpaid to the Singhs. A SIP calculator is a simple tool that allows individuals to get an idea of the returns on their. A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. When Indias central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs main holding company, it demanded it be paid back, but it still hasnt been. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. Religare was now paying nine times the annual interest of Rs1,698 crore in 2017 as against Rs182 crore in 2008. 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. Godhwani did not respond to questions sent to him. Copyright HT Digital Streams Ltd. All rights reserved. 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. It widened the rift. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Earlier, Malvinder Singh had, in an affidavit to the High Court and Supreme Court, alleged that Dhillon and persons associated with him had diverted close to Rs 6,000 crore from RHC. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. RHC says he was president there between 2016 and 2017. As a result, it was never returned! 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