Shivinder Mohan Singh, former CEO and managing director of Fortis Healthcare Ltd. (Photographer: Sanjit Das/Bloomberg News)

Shivinder Accuses Malvinder Of Forging Signatures, Illegal Transactions

Shivinder Singh 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. have 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, through investment arms, equally own RHC Holdings, the erstwhile parent of the Religare Enterprises Ltd. and Fortis Healthcare Holding Pvt. Ltd.

The Singh brothers, heirs to the multi-billion empire, have lost control of Fortis Healthcare Ltd. and Religare Enterprises after lenders converted pledged shares and are 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.

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Shivinder has squarely blamed his brother and Godhwani in his petition alleging “oppression and mismanagement of RHC Holding, Religare and Fortis”.

He accused Malvinder and Godhwani of conducting various illegal financial transactions leading to massive losses to RHC Holdings and its subsidiaries. That, according to the petition, resulted in depletion of Shivinder and his wife’s wealth and unwarranted loss of reputation and credibility. The couple blamed Malvinder and Godhwani for the unsustainable debt trap that RHC Holdings and its subsidiaries are in and led creditors to sell or dump shares.

As relief, Shivinder has asked the NCLT to order:

  • Removal of Malvinder from board of RHC Holdings
  • Malvinder and Godhwani to compensate the petitioners for loss suffered and restore wealth of RHC Holdings.

In the interim, they requested the tribunal to pass an order:

  • Prohibiting sale of any shares of RHC Holdings till the petition is dismissed.
  • Permitting no change in composition of board of directors.
  • Prohibiting creation of any interest or third-party rights over the assets of RHC Holdings.