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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
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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.
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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.

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