Ranbaxy brothers radha soami

Ranbaxy brothers radha soami

An influential 'Baba' and his family with a weakness for materialism; two young businessmen loaded with nearly Rs10, crore from an asset sale; and a family confidante have together cooked a cauldron that Bollywood potboilers are made of. Business chatter has been abuzz ever since brothers Malvinder and Shivinder Singh's debt pile of nearly Rs 13, crore came to light two years back.

That was shocking considering that, as recently as Junethey had hit gold with Rs9, 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. How could they squander Rs22, 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?

They re-invested the money to build assets worth Rs25, crore in just the listed companies across realty, finance and pharmaceutical research.

Also Read: Shivinder Singh says Sunil Godhwani 'orchestrated' transactions, left them with 'debt load'. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic.

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. This has ultimately led to insignificant shareholding remaining with us in these businesses," Malvinder and Shivinder Singh said in a joint email response to our questions. Such decimation of a flourishing and diversified empire within a decade is unprecedented in India's corporate history.

So, how did this happen? The answer lies hidden in a maze of a dozen companies. But before we get to that, let's understand the family dynamics between the Baba, Gurinder Singh Dhillon, the brothers and family confidante Sunil Naraindas Godhwani.

The head of RSSB works pro bono, draws no salary nor any benefits from the sect. Dhillon battled cancer and recovered from it in RSSB has over two million followers and a vast land bank across the country. It has over 5, centres that can accommodate between 50 and 5 lakh people during congregations. Dhillon has headed the sect since inheriting it in from maternal uncle Charan Singh who was the spiritual guru between and Thus, Dhillon is the brothers' maternal uncle.

In comes confidante Godhwani, who was recommended and backed by Dhillon to run non-banking finance company Religare Enterprises. The Singhs often referred to him as their third brother but he once said he owed his allegiance to nobody except Dhillon.

He is now called the "self-proclaimed third brother". The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. The proposed marriage, however, never went through as the two parted ways. It was fine as long as it was all within the family.Malvinder had accused that his brother Shivinder, the family members of Dhillon had misappropriated the funds of RHC Holding, the company that owned assets of the group and had sought Rs 8, crore in compensation.

Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Singh, 40, who is the co-founder of the healthcare chain, will become non-executive vice-chairman with effect from January next year. All rights reserved. For reprint rights: Times Syndication Service. Have you read these stories?

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Brand Solutions. TomorrowMakers Let's get smarter about money. ET NOW. ET Portfolio. Radha Soami chief admits to financial dealings with Singh brothers According to a 74 page affidavit filed in the High Court, chief of Radha S All News Videos Photos.

Popular Categories Markets Live! Follow us on. Download et app. Become a member.Of course, it is about money. 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. Add to this the mysterious veil of spiritual power—both the quest for it, and efforts to retain it.

The story spans three decades, starting when the two brothers were quite young, and their father, Parvinder Singh, and grandfather, Bhai Mohan Singh, were alive. It takes numerous twists and turns, curls and loops, and one can lose track of the critical markers along the journey. Even the mastermind, if there is only one, is difficult to pinpoint.

Sometimes, the needle of suspicion points at Malvinder, the elder Singh, who took the key decisions. At other times, Shivinder appears to be the perpetrator, given his aggression and ambition.

However, there is a big shadow lurking sometimes in the forefront, and sometimes in the background. RSSB forms a common link between the various actors. The cases against the Ranbaxy brothers are simple to understand. They funnelled the money to their closely-held private firms. Most of the money was used to buy real estate. The loot was systemic, deliberate, in connivance with the bankers, financiers, and auditors, and against the interests of the investors in the listed companies.

It was done over years. The money was squandered as the values of the properties fell sharply during the ongoing crisis in real estate. When the scandals became public, each actor blamed the others. Before he died of cancer at 56 inParvinder anointed a professional, and an intimate friend, D.

Brar, as his successor. He said his two sons, Malvinder and Shivinder, should climb the Ranbaxy hierarchy until they gained enough experience to be given responsible positions. Bhai Mohan was angry, and lashed out publicly in favour of his grandsons. Brar became the new Pharaoh of Pharma.

Hate, revenge and the urge to put their hands on the corporate wealth are said to have simmered inside Malvinder and Shivinder, even as they maintained stoic silence. Their chance came when Ranbaxy went through a painful phase of lower profits.The order, issued on September 27, has given 30 days to pay up the dues by October The 55 entities and individuals were also barred from disposing of, alienating, encumbering any of the assets until the next hearing.

In his submission, Malvinder Singh, the elder of the Singh brothers, maintained that he can pay to Daiichi provided he can recover the money owed to him.

RADHA SOAMI SATSANG BEAS SINGH

A substantial part of the proceeds from Ranbaxy sale had been transferred to entities owned by RSSB chief Dhillon and his family and associates. The moneys have not been returned yet. Hence, on May 28, the Delhi HC had issued a garnishee order against Dhillon and these 55 entities, which had effectively expanded the scope of the people from whom the money owed by the Singh brothers to Daiichi can be recovered to honour the arbitration award.

A garnishee order is an order against a third party for the recovery of debt or dues. In has documented the flow of money from the Singh brothers to entities owned and controlled by Gurinder Singh Dhillon -- the head of the Radha Soami Satsang Beas. ROC filings and terms sheets say between andRs 1, Singh brothers' dues from these 55 entities now add up to Rs 6, crore.

Also read: How Singh brothers got into trouble - bit by bit. Settings Logout. Also read: Singh brothers case: Shivinder drew Rs 9 crore salary during 'retirement'; misled SC about 'Sanyaas' In his submission, Malvinder Singh, the elder of the Singh brothers, maintained that he can pay to Daiichi provided he can recover the money owed to him.

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For reprint rights: Times Syndication Service. Biotech Healthcare Pharmaceuticals. Market Watch. Pinterest Reddit. The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings Pvt Ltd in connection with the execution of Rs 3,crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of Ranbaxy Laboratories Malvinder and Shivinder Singh.

Dhillons told the court that RHC Holding has made false claims that they owe money to the company. 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. A garnishee order is an order against a third party for the recovery of debt or dues. Read more on Ranbaxy Laboratories.

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RHC Holdings. Gurinder Singh Dhillon. Daiichi Sankyo. Shivinder Singh. Follow us on. Download et app. Become a member. Jubilant Life Sciences says no traces of Covid in raw material imported to its Nanjangud facility. States get over proposals for bulk drugs production after MoEF decentralises green nod process. To see your saved stories, click on link hightlighted in bold. Fill in your details: Will be displayed Will not be displayed Will be displayed.

ranbaxy brothers radha soami

Share this Comment: Post to Twitter.Order Now. This story is from October 11, 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, crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of Ranbaxy Laboratories -- Malvinder and Shivinder. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. The development in the high court came on a day the Singh brothers were produced before a trial court after being arrested by the economic offences wing EOW of Delhi Police in an alleged fraud case.

The billionaires and the guru: A family burns through $2 billion

They were remanded to four days police custody. 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. A garnishee order is issued against a third party for the recovery of debt or dues.

The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. It also directed Malvinder, RHC Holdings and Oscar Investments Ltd to file additional affidavits to disclose their claims and dealings with the garnishees and also the amount due to them. 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 It had said that if any party disputes the claim of RHC Holdings or other judgment debtors, they should file an affidavit to place on record the contention.

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, except in the ordinary course of business such as payment of salary and statutory dues till the next date of hearing.

The court had earlier restrained the Singh brothers and others from selling or transferring their shares or any movable or immovable property. The brothers had disclosed their assets to the court in sealed covers in December and March during the pendency of Daiichi's plea seeking enforcement of the arbitral award passed by a Singapore tribunal against them.

ranbaxy brothers radha soami

A tribunal in Singapore had passed the award in favour of Daiichi holding that the Singh brothers had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the department of justice, while selling its shares in it.

The high court had on January 31, upheld the international arbitral award passed in favour of Daiichi and paved the way for enforcement of the tribunal award against the brothers who had sold their shares in Ranbaxy to Daiichi in for Rs 9, Sun Pharmaceuticals Ltd had later acquired the company from Daiichi. Daiichi had moved the high court seeking direction to the brothers to take steps towards paying its Rs 3, crore arbitration award, including depositing the amount.

It had also urged the court to attach their assets, which may be used to recover the award. 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. This story has not been edited by timesofindia. More from TOI These foods can clean your lungs naturally!

RADHA SOAMI SATSANG BEAS SINGH

Is Dalgona Coffee over-hyped? Navbharat Times.Jump to navigation. Brothers Malvinder and Shivinder Singh, once successful businessmen who were on Forbes' list of billionaires, are now staring at the prospect of spending at least the next few days in jail. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2, crore. 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. This, RFL alleges, caused the company losses of Rs 2, crore. While significant, these allegations against Malvinder and Shivinder Singh are just the tip of the iceberg. The brothers' storied success story is matched by their equally storied downfall from grace.

According to a Business Today report fromthe brothers inexplicably managed to squander a whopping Rs 22, crore over just one decade. 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. Later, Mohan Singh's son Parvinder -- the father of Malvinder and Shivinder -- took control of Ranbaxywhich would ultimately go on to become India's largest pharmaceutical firm.

When their father Parvinder died inMalvinder and Shivinder inherited a They sold it. Inwhen Ranbaxy was at its peak, Malvinder and Shivinder Singh sold their controlling stake to the Japanese pharma giant Daiichi Sankyo.

ranbaxy brothers radha soami

The Ranbaxy sale earned the brothers a windfall amount of Rs 9, crore. However, a few years after the sale, the Singh brothers ran into trouble when Daiichi accused them of concealing information and dragged them to an international court. Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States.

The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don't pay the tribunal award. But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. The year was and Malvinder and Shivinder Singh could do no wrong. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10, crore.

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. 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 Singh brothers were close to Dhillon, who, in fact, is their maternal uncle. The Singh brothers' mother Nimmi Singh is Dhillon's cousin. Now, why Malvinder and Shivinder Singh transferred the Rs 2, crore now valued at around Rs 5, crore to Dhillon and his family is not known.

What is known is that the Dhillon family used the money to invest in real estate. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. 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.


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