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. 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. Most of the money was used to buy real estate Riches. 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The Singh brothers' mother Nimmi Singh is Dhillon's cousin. 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. 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). The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. 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. 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. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. The other drain, Religare Capital Markets, reported losses worth Rs1,628 crore between 2011 and 2016 (the last reported). Another devotee, Godhwani, led Religare. Firstpost - All Rights Reserved. At the heart of the allegations over which the Singh brothers have been arrested is a company that was once led by Malvinder and Shivinder -- Religare Enterprises Limited (REL). The broad allegations are that Malvinder and Shivinder, along with other officials of REL, took loans in the name of RFL and diverted the money to other companies. They lost control of Religare in February 2018 once lenders invoked their shareholding against unpaid loans. The Singh brothers' downfall drove a wedge between them. The undertrial businessman had earlier filed a complaint against Dhillon, head of Radha Soami Satsang Beas, among others, with Delhi Polices Economic Offences Wing (EOW) for allegedly siphoning off proceeds from the sale of Ranbaxy Laboratories. Most of the money was used to buy real estate. The common point of Singh brother and Sunil Godhwani was RSSB. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . But, here are the basics. At least 16 at last count. 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. 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. Synopsis As a result, it was never returned! 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. The RSSB guru Gurpreet Dhillon and his family owe over 215 crore to brothers Malvinder and Shivinder Singh. 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. Ltd. | All rights reserved. "His father, K.L. Buoyed by the Singh brother's fresh investments in the companies, both Religare and Fortis went on unbridled expansion drives. SGGD Projects is run by brothers Vaibhav and Rahul Wadhwa, both employees of RSSB at Beas. Singhs now own a majority of this firm. "You may be owning half of the world but there . Copyright 2023 Living Media India Limited. 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. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. A garnishee order is issued against a third party for the recovery of debt or dues. 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. October 11, 2019 18:11:17 IST. Khanna, was after all the secretary of the Satsang at Beas," Business Standard reported in 2013. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. 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 order is currently reserved by Court of Appeals in Singapore and is expected anytime now. In case the final award (currently reserved by the Court of Appeals in Singapore) also goes against them, where will that money come from? Justice J R Midha sought response of RHC Holding, the Singh brothers who are the followers of the RSSB sect and Daiichi on the plea of Dhillons. 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). The Singhs holding company also loaned at least 7 billion rupees to cover losses at a firm that had been spun out of Religare to manage the financial firms administrative costs. 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. 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 story of how they managed this is complex and has several gaps. "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. But it all begins and ends with money. Updated Date: India's famed Singh brothers are embroiled in a fresh feud. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore. 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. He now blogs critically about it, having since left. (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. The Indian Express on the man and his sect Written by Manraj Grewal Sharma , Prabha Raghavan On February 16 last year, the Supreme Court had dismissed Singh brothers' appeal against the high court verdict upholding the international arbitral award, saying it was not inclined to interfere with it. Daiichi-Ranbaxy case: Radha Soami head, his family move Delhi HC saying they do not owe money to RHC Holdings 3 min read . The Singh brothers, who had not been on the board of Religare since April 2010, returned after the write-off. There are many such paths, and no path is better than the other. 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. Matters came to a head in November 2016 when subsidiary Religare Finvest had to write off Rs794 crore due to non-receipt of dues from Strategic Credit Capital associated with ABG Shipyard. %PDF-1.3 Dhillon has claimed that as the two families were then in a very close relationship, they did not record any written agreement. "Babaji has always said, 'You people are stupid . Godmen and spiritual societies are part of the lives of India's super rich Legitimate business people may not want to come to India.. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. MUST READ | Singh brothers: Till debt do us part. The Singhs resources were marshaled to help the Dhillon family build a real-estate empire. This Article is From Apr 05, 2019 . 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. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). the head of the Radha Soami Satsang. 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