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. While Religare and Fortis are examples of reckless expansion and its consequences, the money transferred to Dhillon and associates-which (with interest) is now estimated to be between Rs4000-5,000 crore-remains unpaid to the Singhs. 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. On the other hand, the Dhillon family and RSSB associates got lured by the real estate sector, which was delivering phenomenal returns between 2008 and 2011. But that was not to be. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. Many call him a God in human form. The Singhs say they didnt do anything illegal. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. 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. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas (RSSB), his family members and associates are among 55 individuals and entities ordered by a court to pay over Rs 6,000 crore owed to RHC Holding in connection with the settlement of a dispute related to Daiichi Sankyo's acquisition of Ranbaxy Laboratories. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. Sunil Naraindas Godhwani is no ordinary man. When the value of Ranbaxy was at its peak, the brothers sold their 33.5% stakes to the Japanese pharma giant Daiichi Sankyo group and got loaded with Rs 9,576 crore cash in hand from the deal in 2008. head of Radha Soami Satsang Beas, his family members and Sunil Godhwani, the Satsangs funds manager, to make a killing through shares of Religare; the brothers sell 13.5 million shares at Rs 10 each before the IPO, though they were issued to the public at Rs 185 2008 Japans Daiichi-Sankyo buys out the Singh 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 And those real-estate companies have their own debt beyond what was lent by the Singhs, according to people familiar and documents. 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. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . 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. 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. 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. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. Naivete is surely not one of their virtues. Investment and routing of funds is a major bone of contention now and may be a precursor to a possible legal battle in the near future. From a net profit of Rs92 crore in 2008, it reported net losses of Rs295 crore, Rs149 crore and Rs481 crore between 2010/11 & 2012/13. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. We have been constantly making all possible efforts to clear our liabilities. The court had also asked Dhillon and his family members to be personally present in the court on November 14. 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 They sold it. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. The sale occurred just as the US Food and Drug Administration started raising questions about the Indian firms manufacturing practices and the safety of its drugs, although Ranbaxy denied the allegations at the time. Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. Dhillon has finally owned up to financial transactions between him and the Ranbaxy brothers. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). 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. 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. It is this firm that had borrowed the amount from Axis Bank. 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Shivinder is now believed to be back in Delhi sorting the group's financial mess. Meanwhile, investor pressure built up. New Delhi The feud between Singh brothers over financial fraud in Ranbaxy stake sale proceeds is likely to see further developments as the Patiala House Court, Delhi has recently sought details of the action taken by the Delhi police against former Ranbaxy promoter Shivinder Singh, Radha Soami Satsang Beas RSSB chief Gurinder Singh Dhillon, Recipient companies raised further loans at 12-14 per cent interest to buy more real estate. "Religare is in the present situation due to the legacy issues of the previous management led by Mr. Sunil Godhwani. The Singh brothers' only fallback option may have been funds given to Dhillon and associates. But the brothers stint was shortlived. << /Length 5 0 R /Filter /FlateDecode >> Though several businesses were losing money, the biggest drain on Religare were subsidiaries Religare Capital Markets and Ligare Aviation; the latter was run by Godhwani's brother Sanjay Godhwani. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. 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. Baba Gurinder Singh Dhillon is an Indian spiritual leader who is the head of the Radha Soami Satsang Beas (RSSB), Punjab. But they also said it would be untrue to suggest that the guru was a cause of their groups financial troubles. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. Then came the final blow. What is known is that the Dhillon family used the money to invest in real estate. These loans proved costly to the Singhs, coming on top of other major financial commitments that were underway. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan The Singhs have said they are working to resolve issues with stakeholders. The Singh brothers were close to Dhillon, who, in fact, is their maternal uncle. %PDF-1.3 The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. The allegation against them is that they took loans in the name of Religare Finvest Limited -- a subsidiary of Religare -- and diverted the funds to other companies. Or, in Shivinder's apparent desire to emerge as the sect's next spiritual head, the brothers gave loans to further his chances of being backed by Dhillon to head the sect and its sprawling operations. Copyright 2023 Living Media India Limited. Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC, Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them, Malvinder Singh files criminal complaint against brother Shivinder Singh, spiritual leader for financial fraud, death threat, Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. For reprint rights: Times Syndication Service. Prius Platinum, though, is still sparsely occupied. 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). Synopsis Their repeated actions have negatively impacted Indian banks, all our shareholders and employees. The answer lies hidden in a maze of a dozen 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. The Singhs owned a 51 percent stake in Lowe. We believe in the India growth story. Theres a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. 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. The common point of Singh brother and Sunil Godhwani was RSSB. Theyre less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillons recommendation. With both Religare and Fortis slipping out of their hands, the brothers are believed to be operating out of one of the group's oldest offices at Hanuman Road while another office at Marina Building is readied. The objective was to eliminate the annual licence fees. Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. 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. But in the case of Malvinder and Shivinder Singh, the two Ranbaxy brothers and billionaire scions who ended up in jail, the narrative goes beyond a simplistic explanation. Most crucially, the growth was heavily debt-funded. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. Even the Singh family's holding companies, RHC Holding and Oscar Investments, have declared it as their address. Godhwani did not respond to questions sent to him. Prius Commercials website claims: "We own over two million square feet of commercial office space with another 1.5 million square feet in development and land capacity to develop a further 4.5 million square feet". That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. Dhillon has headed the sect since inheriting it in 1990 from maternal uncle Charan Singh who was the spiritual guru between 1951 and 1990. From there it peaked to a consolidated revenue of Rs4,502 crore (March 2016), net profit of Rs320 crore (March 2015) and a marketcap of Rs6,762 crore (March 2011). Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? Like explained earlier, the brothers pumped some of the proceeds of the sale into their other businesses -- financial services firm Religare and hospital chain Fortis. The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. gurinder singh dhillon family pics. 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. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: Gurinder Singh Dhillon, popularly known as the Baba, is closely linked to the story of Malvinder and Shivinder Singh's downfall. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. The religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. Khanna's close business association with the Singh brothers through Ranbaxy also overlapped with his own deep-rooted belief in the teachings of the Radha Soami sect. Download The Economic Times News App to get Daily Market Updates & Live Business News. Lowe Infra and Wellness is another realty firm run by Sharanbir Singh Sandhu and Rahul Wadhwa. Theyve had their public shareholdings seized by lenders. By 2012/13, Fortis had gone ahead of Apollo Hospitals as India's largest hospital chain by revenue (though Apollo reclaimed its top rank right after). By that time, Dhillon was playing a big role in the Singhs finances. India's famed Singh brothers are embroiled in a fresh feud. But the brothers story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce. Its total debt shot up nearly 16 times from Rs1,272 crore in 2008/09 right after the Ranbaxy deal to over Rs20,222 crore by the end of March 2016. Shiv Dayal Singh was influenced by the teachings of Tulsi Sahib, who taught Surat Shabd Yog (which is defined by . However, clearly Religare's debt burden had gone out of hand, over-shooting revenue and profit growth. For reprint rights: The Malvinder, Shivinder Singh story: Why the brothers, once billionaires, are in the dock, Supreme Court threatening to jail the brothers if they don't pay the tribunal award, Shivinder Singh sued Malvinder, accusing him of mismanagement, Sunil Godwani and a couple of other officials of Religare Enterprises Limited, Former Ranbaxy Laboratories CEO Malvinder Singh arrested in Ludhiana, Will see what needs to be done, says Meghalaya CM Conrad Sangma on alliance, Since 2005, have heard sentiments for reform, they havent materialised till date: EAM Jaishankar, PM Modi announces 'Start Up Bridge' between India, Italy, Govt bus driver climbs atop mobile tower to protest against conditions of buses, Early trends show BJP dominates in Tripura, Conrad Sangmas NPP leads in Meghalaya, BJP+ set to retain Tripura, Nagaland; Meghalaya heads towards hung assembly, Hathras rape-murder case: Court acquits 3, holds one guilty, SC directs Sebi to submit probe report in 2 months, sets up expert panel, BJP+ crosses majority mark in Tripura, says 'ready to accept all demands of Tipra Motha', Trends show NDPP-BJP alliance set to retain power in Nagaland, ahead in 39 seats, The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments, Rs 1,750 crore and Rs 2,230 crore was invested respectively in Religare and Fortis, both companies founded by the brothers, The remaining Rs 2,700 crore was mysteriously transferred to one Gurinder Singh Dhillon and his family. Or, was the money actually owed to Dhillon family and associates? 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. Firstpost - All Rights Reserved. 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. But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. As they moved to settle their dues by selling assets in group companies, Daiichi Sankyo moved court to protect its interest by securing several injunctions preventing them from divesting their assets or equity. There are many such paths, and no path is better than the other. The Singhs resources were marshaled to help the Dhillon family build a real-estate empire. 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. What money, you ask? The court, in its September order, said the amount which 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the Registrar General of the Delhi High Court within 30 days. % We will continue to sell our assets in compliance with the court orders in order to clear all our debts. 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. RSSB has over two million followers and a vast land bank across the country. This opacity makes for risk, said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. 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? A bitter takeover battle kicked off for Fortis and Malaysias IHH Healthcare Bhd in July agreed to take control of the hospital operator. He emphasizes community service. 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 directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. The New Delhi property boom Dhillons family companies invested in has since gone bust. Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. The Dhillons filed the application following the court's direction to deposit the amount owed to RHC Holdings Pvt Ltd in connection with the execution of Rs 3,500 crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of. From revenue and net profit of Rs190 crore and Rs2.68 crore, respectively, it grew 2.5 times to Rs599 crore while profits shot up nine times to Rs24 crore by 2013/14. 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. 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. Earlier this year, Bloomberg News reported that the Singhs had taken 5 billion rupees from Fortis without board approval and that a New York investor had filed a lawsuit accusing the brothers of siphoning 18 billion rupees from Religare. Subsequently, the same loans have been recognised as related party transactions?". 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Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. 19s team, said Dhillon. "Babaji has always said, 'You people are stupid . Our Leading Categories. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. Meanwhile, Malvinder and Shivinder are also on the hook for the $500 million (around Rs 3,500 crore) that they have been ordered to pay to Daiichi Sankyo over the irregularities in the Ranbaxy sale. The dues have now ballooned to . For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. 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