Finally, banks seized assets backing their loans, including the majority of their shares in Fortis and Religare. Radha Soami Satsang Beas chief Gurinder Singh Dhillon's wife Shabnam has passed away. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. Radha Soami Shabad Satsang:The company of truth;association with the truth.Satsang ordinarily means the company of saints or advanced souls,or a gathering of devotees held under the auspices of a . The Singh brothers were close to Dhillon, who, in fact, is their maternal uncle. Heirs to a generations-old business house once worth billions, the brothers have in the last six months seen a dramatic fall in their fortunes. The Singh brothers of Ranbaxy & the Radha Soami Satsang Beas. 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. 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. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. e8 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. Promoter holding in the two key companies, Fortis and Religare, which was 63 per cent and 72 per cent, fell to 0.6 per cent and 1.5 per cent, respectively. The Singhs say they didnt conceal any information. 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. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. At least 16 at last count. It also downgraded the holding company, RHC Holding, to default. 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. Sources close to Godhwani, however, say the brothers were informed of every move and they signed on most of the documents. In late 2018, Shivinder Singh sued Malvinder, accusing him of mismanagement and of basically being responsible for the downfall of the brothers' businesses. xX# }UTR=dlXyd2lRlF`*IER!7UV}O7z|fOT;5Dx>Umj[{?f7o1PhFygZRWw\?+ajyXVS&LmZ)L>Yk"cTIRJ$06;qQ\fqX0Z>.dU d]e(=,htKe`n:B$DcC!AWWe~GXJa,wa8l/p hHk;2|:O1bmlC_6c^rP=Db8)ZnE1QCZ6F%Mgn`;jWjcaB?r7k6U- k.{{,zzM6_Aq 7T$l(T1 8p \t Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. From 2011 onwards, the brothers holding company went on to sink at least 12 billion rupees to cover losses at their investment banking venture Religare Capital Markets Ltd. Other loans went to Ligare Voyages Ltd., a money-losing charter airline. "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. 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. India's famed Singh brothers are embroiled in a fresh feud. But the brothers stint was shortlived. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. "The ability of the company to timely execute the strategic sale of its assets and eliminate the exposure to its corporate loan book, grow its loan portfolio and improve its profitability while improving its asset quality are the key rating sensitivities," the Care Ratings report said. 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 Dhillons in their Interim applications (IAs) filed before the court expressed their inability to appear before the court on the next date of hearing. He was appointed as the spiritual head of the RSSB sect in 1990 after the demise of the former spiritual head Maharaj Charan Singh Ji. On the basis of this verbal agreement, on 11.02.2010, Respondent No. He was their central father figure after their own died in 1999, they wrote in their statement. A SIP calculator is a simple tool that allows individuals to get an idea of the returns on their. RHC Holding and Oscar Investments, which had debt of barely Rs15 crore and Rs60 crore, respectively, in March 2009, had total outstanding debt of Rs4,063 crore and Rs840 crore in March 2016 & March 2017, respectively (the latest data available with RoC). Starved of cash, businesses went into a tailspin. RHC, the holding company, also made personal loans of 5 billion rupees to Dhillon family members, via a network of shell companies, people familiar with the matter said. She was 57. So he took an active interest in the Singhs holdings, the people said. 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. 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. Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers. 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. While significant, these allegations against Malvinder and Shivinder Singh are just the tip of the iceberg. Godmen and spiritual societies are part of the lives of India's super rich Firstpost - All Rights Reserved. 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. 19s team, said Dhillon. 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. New Delhi: 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. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). These entities?have become part of the promoter group due to a shareholding change in those entities. He emphasizes community service. At the consolidated level, the company went into the red soon after. 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. 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 . The Singhs downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the worlds fastest growing major economy. Theyre less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillons recommendation. Prius Platinum's swank six-floor building in Saket district centre is one of the biggest real estate ventures where the Dhillon/RSSB associates money was sunk. But Fortis had its golden run as well. Towns outside Indias capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. 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. In 2016, the Reserve Bank of India, or RBI, reprimanded Religare's lending firm, Religare Finvest, for Rs1,200 crore worth of loans given without due diligence. 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,. 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The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. Malvinder also sued Gurinder Singh Dhillon and his family. Pic courtesy - CNBC-TV18. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. 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 Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. 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). 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". Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. He now blogs critically about it, having since left. Minority shareholders took over at Religare. He was backed by the Dhillons (who owned over 13 per cent of the company) to run Religare (earlier called Fortis Finance) in 2001. Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master, the brothers wrote. The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged. A detailed mail sent to Dhillons and Singhs did not elicit any response on this. All members of the spiritual commune, including the guru, are expected to support themselves financially, and the sects representatives said the Masters business dealings are a personal matter separate from his role at the spiritual group. The disagreements finally led to Godhwani stepping down as CMD in July 2016 and exiting the company in September, 2017. It has over 5,000 centres that can accommodate between 50 and 5 lakh people during congregations. Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. The Singhs lost control and stepped down from both the firms in February 2018. Godhwani consulted with Dhillon regularly on Religare, as would the Singhs on Fortis, the people said.In 2015, the younger brother, Shivinder, briefly took a hiatus from the business to work at the spiritual group full time.A photograph on the sects website shows Dhillon with a white beard, white turban and flowing white tunic. 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). Two companies, Prius Real Estate Private Ltd. and Lowe Infra and Wellness Private Ltd., were set up by people close to the guru, and although partly hidden by layers of shell companies, the Dhillon family had ownership interests in both, people familiar with the matter said and filings show.Over the next two years, these firms together received about 20 billion rupees in zero-interest loans from the Singhs private holding company or its subsidiaries, according to the people and the documents. Funds were then disbursed to other companies controlled by the Dhillons. (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. 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). 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. Copyright2023 Living Media India Limited. Most crucially, the growth was heavily debt-funded. There are three dimensions to the Singh potboiler-Singh brothers' relationship with Dhillon; their ties with each other and the relationship with Godhwani. 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. Some of those outlays were financed with money borrowed from the Singhs listed companies, and when combined with other Singh investments gone bad threw their empire into a debt spiral, a Bloomberg News analysis of public records and interviews with 10 people familiar with the finances of both camps showed. "We would now like to fight for our Justice and Prideand not for economics only," say the brothers in their response. Both agencies didnt respond to requests for comment. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. The story of how they managed this is complex and has several gaps. 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 The common point of Singh brother and Sunil Godhwani was RSSB. Once the slowdown hit, Religare and Fortis were unable to service the massive debt raised during the expansion spree (see graphic). The names of Dhillon/RSSB associates companies are displayed in a glass plaque behind the reception but guards warn against photography. Of course, it is about money. The Fortis acquisition deal by IHH requires buying out the RHT assets as well to eliminate the annual licence fee. On Friday, a day after they were arrested for alleged diversion of funds and causing a loss of 2,397 crore to Religare Finvest Ltd (RFL), brothers Malvinder Singh and Shivinder Singh, former promoters of Religare Enterprises Ltd, were remanded in four-day Police custody. 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. Copyright HT Digital Streams Ltd. All rights reserved. He has only ever acted out of love and has only ever had their best interests at heart.. In 2008, when Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo. The Singhs have said they are working to resolve issues with stakeholders. Religare Enterprises, in turn, planned to write off the amount since Religare Capital Markets was incurring losses. 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. We believe in the India growth story. The brothers' storied success story is matched by their equally storied downfall from grace. For his part, Dhillon also declined to be interviewed. Fortis: This is the story of the sorry fall of an empire that had risen from the ground up in the span of a few decades The brothers acknowledge having financial ties to Dhillon, and in written comments said they are in dialogue with the Dhillon family and its companies to address the money owed to them. 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. According to a Business Today report from 2018, the brothers inexplicably managed to squander a whopping Rs 22,500 crore over just one decade. But by the time he delivered his first pravachan (discourse) at Beas in May 2017, Fortis was already a financial wreck. Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons. 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. << /Length 5 0 R /Filter /FlateDecode >> It was fine as long as it was all within the family. Garnishees are companies that owe money to RHC, which is currently locked in litigation with Japanese drug-maker Daiichi Sankyo. The Delhi High Court (HC) has ordered Gurpreet Dhillon, the Head of Radha Soami . A statement from JC Sethi, secretary of Radha Soami Satsang Beas, said Dhillon played a role helping the Singhs assert control of their fathers businesses following his death, and in guiding them after. They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. A garnishee order is an order against a third party for the recovery of debt or dues. 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