GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Shivinder Mohan Singh Drags Brother Malvinder to NCLT for 'Mismanagement' of Family Biz

Shivinder said that he had left the thriving company in ‘trusted’ hands and in a period of less than two years, it has moved towards disintegration and ruin of a national healthcare asset.

News18.com

Updated:September 5, 2018, 11:01 AM IST
facebookTwittergoogleskypewhatsapp
Shivinder Mohan Singh Drags Brother Malvinder to NCLT for 'Mismanagement' of Family Biz
Seen here is the file photo of brothers Shivinder Singh (blue turban) and Malvinder Singh.
Loading...
New Delhi: Former Ranbaxy promoter and founder of Fortis Healthcare, Shivinder Singh has filed a case against his brother Malvinder and Religare Enterprises chairman and managing director Sunil Godhwani in the National Company Law Tribunal (NCLT) court for oppression and mismanagement of RHC Holding, Religare and Fortis Healthcare.

"I have filed a case against Malvinder and Sunil Godhwani in the NCLT for oppression and mismanagement of RHC Holding, Religare and Fortis," Shivinder said in a statement.

"This action was long overdue but got delayed in the fond hope that better sense shall eventually prevail and another ugly chapter of family feud would not be written in our family business’ glorious history," Shivinder said.

The collective, ongoing, actions of Malvinder and Godhwani had led to a systematic undermining of the interests of the companies and their shareholders as also the committed and loyal employees of the group, he said.

"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility," added Shivinder.

He also stated that he had all along been a publicly supportive younger brother to Malvinder's chairmanship.

Shivinder said that he had left the thriving company in ‘trusted’ hands and in a period of less than two years, it has moved towards disintegration and ruin of a national healthcare asset.

While the group businesses were in “competent” hands, red flags have crept up in the group with disturbing regularity, Shivinder said, adding that decisions taken in Religare’s NBFC arm; the transaction and subsequent management of the sale of the group’s then flagship – Ranbaxy to Daiichi, culminating in one of the most damaging Arbitration cases in the history of India Inc., the unimaginable losses accumulated in running a private charter airline business (Ligare aviation), go to show that the malaise is systemic.




Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 346.50 7.98
Yes Bank 191.00 -7.21
Reliance 1,127.40 2.79
ICICI Bank 367.55 -0.66
Indiabulls Hsg 766.20 -4.80
Company Price Change %Gain
Jet Airways 346.85 8.07
Mindtree 838.20 -0.05
Yes Bank 191.30 -7.14
HDFC 1,887.55 1.91
Info Edge 1,370.00 -0.48
Top Gainers
Company Price Change %Gain
Bharti Airtel 332.75 9.31
HCL Tech 1,022.20 3.38
Eicher Motors 24,735.00 3.30
Grasim 831.90 2.87
Reliance 1,127.40 2.79
Company Price Change %Gain
Bharti Airtel 333.60 9.81
Reliance 1,127.50 2.79
HDFC 1,887.55 1.91
SBI 290.30 1.75
Hero Motocorp 2,954.55 1.28
Top Losers
Company Price Change %Gain
Yes Bank 191.00 -7.21
Indiabulls Hsg 766.20 -4.80
JSW Steel 335.10 -2.76
Tata Steel 574.10 -2.59
IOC 143.35 -2.25
Company Price Change %Gain
Yes Bank 191.30 -7.14
Tata Steel 574.10 -2.47
Maruti Suzuki 7,332.05 -2.02
ONGC 156.55 -1.48
Axis Bank 618.30 -1.17

Live TV

Loading...
Loading...