NCLT Issues Notices To Malvinder, Sunil Godhwani; Directs Status Quo Over RHC Holding
The National Company Law Tribunal issued notices to Malvinder Singh, former Religare Enterprises Ltd. chief Sunil Godhwani and others, following a plea by Shivinder Singh. The tribunal also directed to maintain status quo over the shareholdings and composition of RHC Holding Pvt. Ltd.’s board.
The tribunal also allowed Shivinder Singh and his wife Aditi Singh and the other party, Malvinder Singh, to inspect documents and take photocopies of the records of RHC Holding. It’s a non-banking financial company owned by the families of the Singh brothers. Currently, Malvinder Singh, the elder brother, is its managing director.
A two-member bench headed by NCLT President Justice MM Kumar issued notices to Malvinder, Godhwani, and others on Shivinder's petition alleging “oppression and mismanagement” of RHC Holding.
The tribunal also directed Malvinder Singh and other respondents to file their replies within 10 days and sought rejoinder from Shivinder Singh in two weeks. The NCLT has posted the matter on Oct. 9 for next hearing.
Former Fortis Healthcare promoter Shivinder Mohan Singh had moved NCLT to remove his elder brother Malvinder from the board of RHC Holdings alleging “blatant acts of mismanagement” by him and also asked to reconstitute the board of the company.
Shivinder in his petition filed before the NCLT had alleged “illegal and unlawful manipulation of records” of RHC Holdings including forging of signature of his wife Aditi Singh, while asking the NCLT to declare that Malvinder and ex-Religare chief Godhwani caused grave prejudice to the interest of the company by acting in “collusion with each other”.
Shivinder Singh has also prayed NCLT to direct Malvinder Singh and Sunil Godhwani to “restitute and restore the wealth of RHC Holdings which got eroded due to their unlawful actions” and disclose “their assets, bank accounts and net worth”.
The petition filed also asked NCLT to direct Malvinder to return the funds unlawfully taken from Fortis Healthcare and Religare Enterprises.