To date, the FDA has no evidence that these drugs do not meet their quality specifications and has not identified any health risks associated with currently marketed Ranbaxy products.". Copyright HT Digital Streams Ltd. All rights reserved. the head of the Radha Soami Satsang. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. 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. 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. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. A big reason why Fortis is in the red is the nearly Rs270 crore licence fee it pays to the RHT Trust in Singapore. Theyve also lost the family mansion. 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. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,397 crore. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the, ( Originally published on Oct 08, 2019 ), GST Mopup Rises 12% to 1.5 Lakh Crore in Feb, Decathlon in Talks with Indian Govt to Sell Other Brands, Moodys Raises India GDP Forecast to 5.5%, Daiichi-Ranbaxy case: HC asks Radha Soami head, 54 others to deposit Rs 6,000 crore, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. The sect is a 1918 breakaway faction of the Radha Soami sect founded at Agra in 1861 by Shiv Dayal Singh. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. The dues have now ballooned to . Well, that. They say Godhwani was in charge of both Religare and RHC at the period in question. Godhwani did not respond to questions sent to him. File image of Shivinder Singh and Malvinder Singh. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. In an affidavit filed with the Delhi High Court dated November 12 and reviewed by The Indian Express, Dhillon admitted that the Singh brothers had in 2010, through RHC Holding (a company controlled by the brothers), approached him and his family to subscribe to a rights issue of REL that was not fully subscribed at that moment. Dhillon hasnt been accused of any wrongdoing. Sect members held key positions in the Singh empire: One became chairman of Ranbaxys board, helping ensure Malvinders swift rise to the top. He read more, Copyright 2023 The Indian Express [P] Ltd. All Rights Reserved, Financial deals with Ranbaxy brothers, admits Beas sect head, Adani group shares gain after Supreme Court order on Hindenburg row, block deals report, Truth will prevail: Gautam Adani welcomes Supreme Court order on Hindenburg report row, Sebi bans Sadhna Broadcasts promoters, actor Arshad Warsi, others from securities mkt, Asias richest man Mukesh Ambani to foray into genome testing with $145 kit, EPFO extends deadline to opt for higher pension to May 3. RoC records say Prius Commercial is 84 per cent owned by Dhillons wife Shabnam and 16 per cent by RSSB Delhi head Yuvraj Narain Gorwaney. Unfortunately, the adverse ruling by the Delhi High Court and the Hon'ble Supreme Court of India in the Daiichi Sankyo arbitration case, compounded the problems, resulting in severe liquidity pressures, which has triggered unanticipated defaults with banks and lenders. Such decimation of a flourishing and diversified empire within a decade is unprecedented in India's corporate history. Malvinder and Shivinder Mohan Singh, the brothers (nephews of the guru) who founded Religare and transferred millions of shares in the company to the guru's sons also are RSSB initiates. The drama got a dash of spice when Shivinder gave up his corporate fiefdom in 2015 and declared he was taking a spiritual path and going to live at the Radha Soami Satsang in Punjab, only to return last year and allege that his brother had run their businesses to the ground. Radha Soami is a spiritual tradition or faith founded by Shiv Dayal Singh (Soami ji maharaja) in 1861 on Basant Panchami Day in Agra, India.. His parents were Nanakpanthi, followers of Guru Nanak of Sikhism, and were also followers of a spiritual guru from Hathras named Tulsi Sahib. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. October 11, 2019 18:11:17 IST. The Master can advise but he cannot make a choice for you, he added.Representatives for the spiritual group said the Master has no role in its administration or finances. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. He emphasizes community service. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . At least some of these firms have gained notoriety ever since law firm Luthra & Luthra, which was hired to investigate a case of Rs473 crore being siphoned off from Fortis Healthcare, mentioned Fern, Modland and Best as the companies to whom the money was transferred, allegedly against management advice and without proper sanctions. Godhwani declined to comment, and he left his role as chairman of Religare in 2016. 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. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. 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. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. But l'affaire Dhillon-Singh leaves several unanswered questions: Were the brothers consumed by naivete in not just handing over a substantial chunk of their wealth to the Dhillon family and RSSB associates but also in giving Godhwani a free hand? By 2010, another business opportunity emerged. There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. 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. Its 2007 IPO, which was offered at Rs185 per share, listed at a premium and even shot past Rs500 a share before the global financial bust in 2008. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. While the Singhs are believed to have blamed Godhwani, the latter blamed it on the Singhs saying Daiichi Sankyo's allegations after the Ranbaxy deal scuttled his chances of securing the bank licence. Another devotee, Godhwani, led Religare. It is this firm that had borrowed the amount from Axis Bank. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. 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. 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. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. 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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. 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Of the remaining Rs7,500 crore, Rs1,750 crore were. 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. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. 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. As a result, it was never returned! Through meditation, you are using your own mind and body as a lab to find truths out for yourself. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. Thus, Dhillon is the brothers' maternal uncle. "You may be owning half of the world but there . Sunil Godhwani, Religare's Chairman and Managing Director, is a Radha Soami Satsang Beas follower and the guru's closest aide. India's famed Singh brothers are embroiled in a fresh feud. 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. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. The National Pension System or NPS is a measure to introduce a degree of financial stability Mutual Funds are one of the most incredible investment strategies that offer better returns Shivinder Singh (left) with his elder brother Malvinder Singh (File photo), Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. (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. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. The brothers' storied success story is matched by their equally storied downfall from grace. 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). 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. Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . Meanwhile, investor pressure built up. 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