(Source: BloombergQuint)

Shivinder Singh Withdraws Case Against Malvinder Singh 

Shivinder Singh has withdrawn the case he filed against his brother Malvinder Singh and his long time family associate Sunil Godhwani in the National Company Law Tribunal. Shivinder withdrew the case after their mother intervened, according to the NCLT filing.

The mother of Petitioner No. 2 (Shivinder Singh) and Respondent No.2 (Malvinder Singh) has requested both her sons to engage in mediation led by family elders respected by both her sons with a view to them settling inter-se issues between them.

Both the brothers have agreed to enter into mediation, according to the filing.

"That out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the Petitioners wish to withdraw the captioned Petition".

Also read: Shivinder Singh Sues Brother Malvinder, Breaks Business Partnership

Shivinder Singh has accused elder brother Malvinder of forging his wife Aditi Singh’s signature and conducting illegal financial transactions along with Sunil Godhwani, former top executive of the family’s healthcare-to-financial services empire.

Shivinder and Aditi Singh and their company Shivi Holdings Pvt. Ltd. had alleged that RHC Holdings Ltd.’s affairs were conducted in a manner contrary to its interests, according to the petition filed on Sept. 4 with the National Company Law Tribunal. Both the brothers, have equal stake in RHC Holdings, the erstwhile parent of Religare Enterprises Ltd. and Fortis Healthcare Holding Pvt Ltd. through their respective investment arms.

The Singh brothers, heirs to the multi-billion dollar empire, have lost control of Fortis Healthcare Ltd. and Religare Enterprises after the lenders converted pledged shares and are now being investigated for alleged financial irregularities. They also face more than Rs 3,500-crore arbitration payment to Japan’s Daiichi Sankyo for allegedly hiding facts at the time of sale of erstwhile Ranbaxy Laboratories Ltd.