Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

NCLT Allows Former Fortis Promoter Shivinder to Withdraw Plea Against Elder Brother Malvinder

Shivinder had earlier this month filed an application before the Delhi bench of the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the interests of the companies and their shareholders.

PTI

Updated:September 14, 2018, 1:01 PM IST
facebookTwitterskypewhatsapp
NCLT Allows Former Fortis Promoter Shivinder to Withdraw Plea Against Elder Brother Malvinder
Seen here is the file photo of brothers Shivinder Singh (blue turban) and Malvinder Singh.

New Delhi:The NCLT Friday allowed former Fortis Healthcare promoter Shivinder Mohan Singh to withdraw his petition against elder brother Malvinder Mohan Singh and ex-Religare chief Sunil Godhwani.

Shivinder had earlier this month filed an application before the Delhi bench of the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the interests of the companies and their shareholders.

A two-member bench of NCLT headed by its Chairman Justice M M Kumar Friday allowed Shivinder to withdraw his plea.

However, a counsel for Religare Enterprises, which was also a respondent in the case, said there were allegations against the company of siphoning off funds by the Singh brothers.

"We want to recover that amount from them," said senior counsel Abhinav Vashistha appearing for Religare.

On this NCLT said:If you wish to initiate any proceedings, move a separate application.

Shivinder Thursday said he has decided to withdraw his petition in NCLT against Malvinder and Godhwani, as desired by his mother.

His plea in this regard in NCLT said: "Out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the petitioners wish to withdraw the petition, without prejudice to their rights and contentions."

Passing an interim order over Shivinder's earlier plea, the principal bench of NCLT on September 6 directed to maintain status quo over the shareholdings and composition of RHC Holding board.

As on August 27, Malvinder and Shivinder were the promoters of Religare on behalf of PS Trust while RHC Finance and RHC Holding were the promoter groups, according to data available on bourses.

The tribunal had also issued notice to Malvinder along with Godhwani and other respondents over Shivinder's petition alleging "oppression and mismanagement" of RHC Holding.

It had also allowed both parties -- Shivinder and his wife Aditi Singh -- and other party Malvinder to inspect documents and take photocopies of the records of RHC Holding.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Lombard 1,208.10 -4.57
Reliance 1,368.00 0.28
BPCL 514.25 4.88
Bajaj Finance 3,988.00 2.80
Indiabulls Hsg 175.25 -7.32
Company Price Change %Gain
ICICI Lombard 1,208.90 -4.60
Indiabulls Hsg 175.00 -7.43
Larsen 1,426.85 -0.44
HDFC 2,040.00 1.33
SBI 255.50 -1.12
Top Gainers
Company Price Change %Gain
BPCL 514.25 4.88
Grasim 730.30 3.78
Zee Entertain 258.50 3.11
Bajaj Finance 3,988.00 2.80
Wipro 249.55 2.42
Company Price Change %Gain
Bajaj Finance 3,988.30 2.78
ONGC 141.30 1.84
Coal India 194.25 1.54
HDFC 2,040.00 1.33
HCL Tech 1,096.50 1.14
Top Losers
Company Price Change %Gain
Asian Paints 1,760.00 -2.39
Hero Motocorp 2,604.15 -2.67
Vedanta 149.95 -2.31
Hindalco 188.15 -2.29
ITC 243.15 -1.80
Company Price Change %Gain
Hero Motocorp 2,605.05 -2.65
Asian Paints 1,761.70 -2.26
Vedanta 149.80 -2.38
ITC 243.25 -1.72
NTPC 117.50 -1.63

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results