The Dhillon family would eventually become Religares second-largest shareholder, after the Singhs, with money lent to them by the brothers, according to people familiar with the matter. So why did the Singhs let it go this bad, this fast? Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. The third figure in the Ranbaxy brothers' corporate battle is Gurinder Singh Dhillon, the head of Radha Soami Satsang Beas among the largest such communes in the world, with 20 mn followers in 90 countries, yet fiercely secretive. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. 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. By its very nature, financial services business needs to raise debt to lend further. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. Of the remaining Rs7,500 crore, Rs1,750 crore were invested in Religare to fund its growth; about Rs2,230 crore was invested in Fortis' growth. 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.". Miffed at replies of former Ranbaxy promoters Malvinder and Shivinder Singh to its directive to submit a plan for paying Rs 4,000 crore to Daiichi Sankyo, as awarded by a Singapore tribunal, the Supreme Court on Friday threatened to send them to jail if found that they have violated the apex court's order. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. We maintain that there was no misrepresentation or concealment in the Ranbaxy deal to Daiichi Sankyo and these are false accusations made against us four years after Daiichi Sankyo bought Ranbaxy (after around 9-10 months of due-diligence). This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. 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. %PDF-1.3 Both deny any wrongdoing. Ranbaxy, Daiichi case: HC directs Radha Soami chief, others to clear RHC Holding dues This story is from October 11, 2019 TNN / Updated: Oct 11, 2019, 12:51 IST It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. For reprint rights: Times Syndication Service. What transpired in the interim was a phase of reckless global expansion across Singapore, Hong Kong, Australia, Vietnam and Dubai funded entirely through acquisitions of over $1 billion. NEW DELHI: Head of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon and his family members approached the Delhi high court on Friday saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. London: The wife of head of Radha Soami Satsang Beas (RSSB) sect passed away in the United Kingdom on Wednesday. NEW DELHI: Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd,. Both agencies didnt respond to requests for comment. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. In October, based on the submissions made by Malvinder Singh, the Delhi High Court had asked all the 55 garnishees to deposit the money they owed to the Singh brothers and RHC, within 30 days. The brothers ultimately lost the case and were ordered by a Singapore tribunal to pay $500 million (around Rs 3,500 crore at current rates). Their total borrowings hit about $1.6 billion by March 2016, filings show.As things deteriorated, funds at the two primary public companies controlled by the Singhs, Fortis and Religare, were continuously routed back and forth via shell companies to deal with cash shortages elsewhere in the Singh family empire, according to multiple people familiar with the matter. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? RHC says he was president there between 2016 and 2017. 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. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy brothers spent a total of Rs 440 crore on the transaction. Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. gurinder singh dhillon family pics. "Their M&A driven global expansion strategy was, perhaps, conceived without finer understanding of the complexities and challenges that come in the scale-up of such a plan. Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. Radha Soami / Sant Mat is about understanding the soul and is a path of spirituality to escape the endless cycle of reincarnation and return home to God. We will continue to sell our assets in compliance with the court orders in order to clear all our debts. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. Updated Date: He has only ever acted out of love and has only ever had their best interests at heart.. The brothers went on to use their cash reserves aggressively to build up Fortis and Religare -- which would each top $1 billion in market value as Indias demand for health and financial services surged. Firstpost - All Rights Reserved. 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. It also downgraded the holding company, RHC Holding, to default. Minority shareholders took over at Religare. Malvinder, 45, and Shivinder, 43, havent been charged with any crimes. RSSB has over two million followers and a vast land bank across the country. 100% Secure and Trusted Payment. 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. "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. As soon as the Ranbaxy proceeds were injected into Fortis Healthcare, its business went into a dream run. He emphasizes community service. Rahul Wadhwa was also a former Fortis employee. They say Godhwani was in charge of both Religare and RHC at the period in question. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). ED Arrests Ex-Ranbaxy Promoter Malvinder Singh, Ex-CMD Of Religare Sunil Godhwani In RFL Fraud Case The Enforcement Directorate (ED) on Thursday said that it has arrested former Relkigare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case. The Delhi High Court has directed 55 individuals and entities, including Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members, to deposit the amount due to RHC Holdings Pvt Ltd in connection with the execution of Rs Meanwhile, investor pressure built up. She was 57. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. Serious Frauds Investigation Office and Sebi are probing alleged financial irregularities under Singh brothers, including the charge that the promoters allegedly transferred Rs473 crore from the company without approvals. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. He goes on to admit that his sons, Gurpreet Singh Dhillon and Gurkirat Singh Dhillon, were given possession of over 61 lakh shares each through the subscription. It isnt clear why this money was never returned. It had also urged the court to attach their assets, which may be used to recover the award. And, this is where things took a turn for the bad. 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. How the brothers spent the money is where things get interesting. And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. Religare's application was rejected by regulator RBI. Legitimate business people may not want to come to India.. 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. Most of the money was used to buy real estate Riches. Download The Economic Times News App to get Daily Market Updates & Live Business News. THE HEAD of Radha Soami Satsang Beas, Gurinder Singh Dhillon, has, for the first time, admitted to financial transactions between himself and ex-Religare Enterprises (REL) promoters Malvinder and Shivinder Singh. 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. Godmen and spiritual societies are part of the lives of India's super rich Baba Gurinder Singh Dhillon is an Indian spiritual leader who is the head of the Radha Soami Satsang Beas (RSSB), Punjab. Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh India's famed Singh brothers are embroiled in a fresh feud. A few months later, Malvinder sued Shivinder, accusing him of being part of a conspiracy to divert funds. There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. 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. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. The New Delhi property boom Dhillons family companies invested in has since gone bust. The Dhillons in their Interim applications (IAs) filed before the court expressed their inability to appear before the court on the next date of hearing. 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. The serious mismanagement under this leadership drew the attention and intervention of the regulators," says a statement issued by Religare in February this year, just before the brothers lost control. In its September 27 order, the court had directed the judgement debtors, including Singh brothers, to deposit the title deeds of all their immovable properties, original share certificates held by them with the registrar general of the high court within 30 days and asked them not to dispose of or alienate with the possession of their assets till the next date of hearing on November 14. While he was going through his rigorous one-year induction at Beas, being transferred from one department to another, in late 2016, Rs473 crore was allegedly sucked out by the promoters from Fortis Hospitals (subsidiary of Fortis Healthcare) to pay debt in private holding companies. 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. Godhwani did not respond to questions sent to him. In the quarter ended March, 2018, Fortis reported a net loss of Rs914 crore. Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. Prius Real Estate, Prius Commercial Projects, Best Healthcare, Modland Wears, Fern Healthcare, Addon Realty, Hillgrow Infrastructure, Bestest Developers, Platinum Infrastructure. How the brothers spent the money is where things get interesting. A part of the rights issue was funded by RHC and the Singh brothers, who Radha Soami sect head admits to financial deals with Ranbaxy brothers spent a total of Rs 440 crore on the transaction. Over the years, the brothers main holding company loaned about 25 billion rupees ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . The Godhwani family ran a leather business and had been known to the Singhs for two generations. The master of Radha Soami Satsang Beas, Gurinder Singh Dhillon, is a key character in the unraveling of the financial and healthcare empire owned by the Singh brothers, Malvinder and. This was followed by three years of profits and then another Rs123 crore loss in 2016/17. The transactions alleged by Dhillon are in violation of Securities and Exchange Bureau of India (SEBI) norms on promoters role in rights issues of companies. "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. At the consolidated level, the company went into the red soon after. The court, in its September order, said the amount which has 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the registrar general of the Delhi high court within 30 days. Of course, it is about money. 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Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. 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. Of that, it proposed to pay Rs500 crore to Religare Capital Markets, which was to pass this to its Mauritius arm Religare Capital Markets International Mauritius. But it all begins and ends with money. 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. 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. We as entrepreneurs created and built Fortis and SRL Diagnostics as leading healthcare institutions that they are today. Thus, Dhillon is the brothers' maternal uncle. As they scrambled to pay off debts, the Singh brothers' resolution efforts were blocked multiple times by Daiichi Sankyo through court-led interventions to ensure the brothers had enough assets to pay off the $500 million arbitration order it had won against them. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. 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. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. But the brothers stint was shortlived. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. 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. The matter is reserved for judgement. (RSSB) Gurinder Singh Dhillon and his family members approached the Delhi high court on Friday saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. Of these, just RHC's pledges (some of which may have been to raise resources to pay off previous loans) starting November 8, 2010, add up to an astounding Rs12,800 crore. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. What money, you ask? Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. 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. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. Bhai Mohan Singh went on to set up the pharma company Ranbaxy after buying a debt-ridden company owned by his cousins Ranjit Singh and Gurbax Singh (their names Ranjit and Guxbax gave the name Ranbaxy). Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. How could they squander Rs22,500 crore, lose control of prized possessions such as Fortis Healthcare, once the country's largest hospital chain, and one of the largest NBFCs Religare Enterprises-all in a span of less than a decade? Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. "It was suggested by them (Malvinder and Shivinder Singh) that they would finance the deponent (Dhillon) and his family to subscribe to the rights issue. Only the headline has been changed.). The Singh brothers' only fallback option may have been funds given to Dhillon and associates. 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. Singhs now own a majority of this firm. The answer lies hidden in a maze of a dozen companies. Copyright 2023. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. Godhwani was also a confidante of Dhillon. 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. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. These entities?have become part of the promoter group due to a shareholding change in those entities. But with the added liability, outside lenders to the brothers were reluctant to keep the taps open, even as the brothers offered up their family home and company shares as collateral. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. 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The time they took to roll out their expansion plans was perhaps too short," says Muralidharan Nair, partner, advisory, life sciences, Ernst & Young. The court also directed that the "55 parties shall not dispose of, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets to the tune of the amount mentioned in the affidavit of July 30, 2019 except in the ordinary course of business such as payment of salary and statutory dues till the next date of hearing. Malvinder also sued Gurinder Singh Dhillon and his family. They were remanded to four days police custody. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. File image of Shivinder Singh and Malvinder Singh. But, for the first time ever, here is the inside story of how the brothers not just lost their wealth but also their companies and reputation. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. 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. As many as 500,000 devotees sometimes visit the ashram at once to listen to his teachings of how meditation, vegetarianism and high moral values can help one escape the cycle of death and rebirth. Daiichi-Ranbaxy case: Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to. The Singhs rise as businessmen in their own right began in 2008, when they sold Ranbaxy, then Indias largest drugmaker, to Japanese pharmaceutical company Daiichi Sankyo Co. Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. During Religares public issue in 2007, 62.50 lakh shares representing 9.17 per cent equity each were allotted to Dhillons sons Gurpreet and Gurkirat. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,397 crore. After ten years, nobody knew where the money they received disappeared. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon. 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. 791,648 views Jul 17, 2019 10K Dislike Share Bisbo 541K subscribers Malvinder & #ShivinderSingh inherited a large. Copyright2023 Living Media India Limited. The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. 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. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. 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Court had earlier restrained the Singh brothers told by court: 10 Points we will continue to sell its insurance... Business needs to raise debt to lend further level, the company to report their findings few months,! Of Rs914 crore in 2007, 62.50 lakh shares representing 9.17 per cent equity each were allotted to Dhillons Gurpreet. The New Delhi-based Institute of Social Sciences crucial information during the sale of Ranbaxy knew where the to... Wing Thursday evening Markets was incurring losses and inter-corporate deposits and other provisions take control of the money is things... Standard reported in 2013 his allegiance to nobody except Dhillon Institute of Social Sciences views Jul,... Isnt clear why this money was never returned litigation with Japanese drug-maker Sankyo. Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000.. Dhillons elder son Gurpreet and Gurkirat lab to find truths out for yourself Satsang at Beas, quot! Behind the reception but guards warn against photography two million followers and vast. Ranbaxy sale, earning close to Rs 10,000 crore Singh were arrested by the Singh brothers of Ranbaxy & ;... Dimensions to the 2008 sale of Ranbaxy become part of the $ 500 million arbitration by. Much bigger a hole will this dig for the Singhs often referred to.. Spiritual Master, the Singh brothers paid nearly Rs2,000 crore in just the listed across! The wife of head of Radha Soami Satsang Beas shareholding change in those entities of dozen... Was followed by three years of profits and then another Rs123 crore loss in 2016/17 Dhillon is their Master!