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. Daiichi-Ranbaxy case: Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to. Religare was now paying nine times the annual interest of Rs1,698 crore in 2017 as against Rs182 crore in 2008. 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. The allegation against them is that they took loans in the name of Religare Finvest Limited -- a subsidiary of Religare -- and diverted the funds to other companies. His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). Both Religare and Fortis raked up huge debts, debts the companies were unable to clear once slowdown hit. The Singhs resources were marshaled to help the Dhillon family build a real-estate empire. Well, that. Malvinder and Shivinder Singh are the grandsons of Bhai Mohan Singh, a businessman from Pakistan's Rawalpindi who settled in Delhi after the Partition. He was their central father figure after their own died in 1999, they wrote in their statement. Funds were then disbursed to other companies controlled by the Dhillons. In 2016, the Singapore tribunal sided with Daiichi Sankyo in its long-running suit against the brothers, awarding the Japanese firm about $500 million in damages and interest. The drama got a dash of spice when Shivinder gave up his corporate fiefdom in 2015 and declared he was taking a spiritual path and going to live at the Radha Soami Satsang in Punjab, only to return last year and allege that his brother had run their businesses to the ground. It was too massive a blow to the financials of a company whose total revenue is still in the sub-Rs1,000 crore region. He has not been seen either in Beas or with the Singhs since. "His father, K.L. Starved of cash, businesses went into a tailspin. Some days they roll out more than 80,000 an hour to feed hungry pilgrims. 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. They say Godhwani was in charge of both Religare and RHC at the period in question. While Fortis will now be owned by Malaysia's IHH Healthcare, which has emerged as the highest bidder, Religare is controlled by PE firm Bay Capital. The brothers' storied success story is matched by their equally storied downfall from grace. Through meditation, you are using your own mind and body as a lab to find truths out for yourself. 19s team, said Dhillon. The Delhi High Court has directed 55 individuals and entities, including Radha Soami Satsang Beas head Gurinder Singh Dhillon and his family members, to deposit the amount due to RHC Holdings Pvt. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the US and faced $500 million in fines. The Singhs funded all these outlays to the gurus businesses and to their own ventures with borrowing. Still, Dhillon hails from a family of major landowners in Punjab, and was himself a businessman in Spain prior to his ascension at the spiritual group. By 2016, they couldnt pay back the latest in the series of loans that had been going in and out of Fortis for four years, which amounted to about 5 billion rupees. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. Yet another controversial proposal was Religare Enterprises' plan to sell its health insurance business for nearly Rs1,100 crore. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. This financial tool allows one to resolve their queries related to Public Provident Fund account. 19 (RHC) transferred Rs 219.5 crore each to GP (Gurpreet) and GK (Gurkirat), which was then used to subscribe to the rights issue, resulting in an allotment of 61,83,013 shares of REL to each of GP and GK. 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. According to a Business Today report, the money earned from the Ranbaxy sale was spent in four parts: The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments Sunil Naraindas Godhwani is no ordinary man. In the slowdown-ravaged economy, the real estate sector had gone into a spiral by then and prices crashed. The pending resolution of the $500 million arbitration won by Daiichi-Sankyo remains a Sword of Damocles hanging over Singhss head. As many as 500,000 devotees sometimes visit the ashram at once to listen to his teachings of how meditation, vegetarianism and high moral values can help one escape the cycle of death and rebirth. The sub-plots, which emerge larger than the main one, include personal tussles between family membersfather-son and sibling rivalriesbesides intense friendships that led to greater animosities. (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. RSSB has over two million followers and a vast land bank across the country. By its very nature, financial services business needs to raise debt to lend further. Who lost the money? Fair enough! He, however, distanced himself from allegations of fund diversion by claiming that the brothers, as well as RHC had deliberately avoided giving a clear picture of all transactions between them as it would show that nothing whatsoever is owed by the deponent (Dhillon) and his family members to RHC or any of its subsidiaries. There began a vicious cycle of mortgaging assets and equity in group companies to raise loans to pay off previous liabilities. Only the headline has been changed.). 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 order is currently reserved by Court of Appeals in Singapore and is expected anytime now. 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. Prius Real Estate is 50:50 owned by Dhillons elder son Gurpreet and RSSBs Rajveer Singh. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,397 crore. File image of Shivinder Singh and Malvinder Singh. According to a sect spokesperson, Shabnam Dhillon died at a hospital in England at 3am (IST) on. On the other hand, the Dhillon family and RSSB associates got lured by the real estate sector, which was delivering phenomenal returns between 2008 and 2011. In October, based on the submissions made by Malvinder Singh, the Delhi High Court had asked all the 55 garnishees to deposit the money they owed to the Singh brothers and RHC, within 30 days. 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. Download The Economic Times News App to get Daily Market Updates & Live Business News. Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC, Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them, Malvinder Singh files criminal complaint against brother Shivinder Singh, spiritual leader for financial fraud, death threat, Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers. "Today we have lost control of all our key businesses - Fortis, SRL and Religare in our committed effort to repay our debts and also as a result of invocation of pledged shares by the banks. One of the sore points between the Singhs and Godhwani was Godhwani's failed commitment to the Singhs to secure a bank licence. But most importantly, Rs2,700 crore were transferred to companies owned by the Dhillon family, Gurinder Dhillons wife Shabnam Dhillon and companies associated with RSSB's senior functionaries. The Singh brothers' mother Nimmi Singh is Dhillon's cousin. f X |NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. Of the remaining Rs7,500 crore, Rs1,750 crore were invested in Religare to fund its growth; about Rs2,230 crore was invested in Fortis' growth. Nimmi is also the daughter of Charan Singh who headed the Radha Soami Satsang Beas before Dhillon took over in 1990. The elder of the duo, Malvinder Singh, has reportedly filed a criminal complaint against his brother Shivinder, with whom he once ran. A garnishee order is issued against a third party for the recovery of debt or dues. Dhillons told the court that RHC Holding has made false claims that they owe money to the company. Malvinder and Shivinder Mohan Singh, the brothers (nephews of the guru) who founded Religare and transferred millions of shares in the company to the guru's sons also are RSSB initiates. I think hes a businessman in his mind first, and a guru second, said Brian Hines, an American who was a member of the sects U.S. community for 35 years and has visited Beas. After resolving the current issues and overcoming the present challenges, we will make all possible efforts to rebound, taking learnings from these difficult circumstances, and continue our entrepreneurial journey in India and be a part of the nation building exercise.". The Dhillons filed the application following the court's direction to deposit the amount due to RHC Holdings . 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. They re-invested the money to build assets worth Rs25,000 crore in just the listed companies across realty, finance and pharmaceutical research. Updated: 12 Oct 2019, 12:17 AM IST PTI Former promoters of. 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". But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. 'Prius Platinum, Ground Floor, D3, District Centre, Saket, New Delhi-110017' could pass off as a nondescript address. 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). The Singhs have said they are working to resolve issues with stakeholders. By India Today Web Desk: 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 movement of funds at Fortis were part of normal operations at the time, and only later became related-party transactions, according to the brothers. 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. Taken together, the zero-interest loans to Dhillon firms and Singh investments gone bad created a crushing debt load that required even more borrowing to service. In July, 2017, ratings firm India Ratings & Research put Religare Enterprises, Religare Finvest and Religare Housing Development Finance on negative rating watch list. How the brothers spent the money is where things get interesting. A follower of the sect, Godhwani was set to be sect head Dhillon's in-law as his daughter Simran was to marry Dhillon's younger son Gurkirat. Daiichi Sankyo had accused the Singh brothers of concealing crucial information during the sale of Ranbaxy. A big reason why Fortis is in the red is the nearly Rs270 crore licence fee it pays to the RHT Trust in Singapore. The objective was to eliminate the annual licence fees. Ltd. | All rights reserved. Singhs say that despite all the accusations by Daiichi Sankyo, Daiichi made a profit in 2015 (Rs223.30 crore from the sale of Ranbaxy to Sun Pharma; additionally Daiichi received benefits in the nature of interparty transfer of assets, dividends Rs53.74 crore, synergies in excess of Rs600 crore and tax benefits of over Rs8,000 crore amongst others). 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. At its peak, Religare was one of India's largest non-banking financial corporations (NBFC). 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. "Will Send You To Jail," Ranbaxy Singh Brothers Told By Court: 10 Points. A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. The Singhs say they didnt conceal any information. Such large and complex matters will need time," says the Singh brothers' response. She was the wife of Gurinder Singh Dhillon, the chief of Radha Soami Satsang Beas. Indias stock market and fraud regulators launched investigations into financial irregularities at both companies, although they are yet to report their findings. For long, the Singh brothers kept their fall from grace a closely guarded secret, avoiding meetings and discussions on the topic. These entities?have become part of the promoter group due to a shareholding change in those entities. 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. So, how did this happen? Add to this the mysterious veil of spiritual powerboth the quest for it, and efforts to retain it. 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. What is known is that the Dhillon family used the money to invest in real estate. Its home to 8,000 devotees of the Master: Gurinder Singh Dhillon. Earlier, another ratings firm, Care Ratings, had downgraded Religare Finvest and placed it on credit watch citing corporate governance and disclosure observations. A detailed mail sent to Dhillons and Singhs did not elicit any response on this. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the, ( Originally published on Oct 08, 2019 ), GST Mopup Rises 12% to 1.5 Lakh Crore in Feb, Decathlon in Talks with Indian Govt to Sell Other Brands, Moodys Raises India GDP Forecast to 5.5%, Daiichi-Ranbaxy case: HC asks Radha Soami head, 54 others to deposit Rs 6,000 crore, Assembly Elections 2023 Results Highlights, Terms of Use & Grievance Redressal Policy. Even if Religare's boom and bust cycle may be blamed on its then managing director & CEO Sunil Godhwani, what about Fortis, which was under direct executive management and control of the Singh brothers? SGGD Projects is run by brothers Vaibhav and Rahul Wadhwa, both employees of RSSB at Beas. The Singh brothers, who had not been on the board of Religare since April 2010, returned after the write-off. Singhs now own a majority of this firm. The National Pension System or NPS is a measure to introduce a degree of financial stability Mutual Funds are one of the most incredible investment strategies that offer better returns Shivinder Singh (left) with his elder brother Malvinder Singh (File photo), Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. How could they squander Rs22,500 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? 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. But the brothers stint was shortlived. 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 Singhs downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the worlds fastest growing major economy. Malvinder and Shivinder Singh were arrested by the Delhi Police's Economic Offenses Wing Thursday evening. It also downgraded the holding company, RHC Holding, to default. Loaded with massive cash, Religare and Fortis went on a rapid-fire expansion and acquisition spree. Though several businesses were losing money, the biggest drain on Religare were subsidiaries Religare Capital Markets and Ligare Aviation; the latter was run by Godhwani's brother Sanjay Godhwani. It is this firm that had borrowed the amount from Axis Bank. 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. Malvinder Singh (L) and Shivinder Singh (R) have been arrested over allegations of fund diversion (Getty file photo). The court had also asked Dhillon and his family members to be personally present in the court on November 14. %cu$#;O7s::U;MWW Firstpost - All Rights Reserved. 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". Charan Singhs daughter Nimmi Singh is Malvinder & Shivinders mother and wife of Late Parvinder Singh. Besides the Saket property, Prius Commercial owns three properties in Noida, one in Ahmedabad and another in Mumbais Vile Parle. That was also the beginning of flipping the international acquisition and expansion strategy to focus entirely on the Indian market starting 2012-13. Dhillon-better known as 'Babaji' or the 'Saint of Beas' is the spiritual guru of the Radha Soami Satsang Beas (RSSB). Of that, Rs834 crore was due to write-offs arising out of losses from advances, goodwill and inter-corporate deposits and other provisions. While the Singhs are believed to have blamed Godhwani, the latter blamed it on the Singhs saying Daiichi Sankyo's allegations after the Ranbaxy deal scuttled his chances of securing the bank licence. From there it peaked to a consolidated revenue of Rs4,502 crore (March 2016), net profit of Rs320 crore (March 2015) and a marketcap of Rs6,762 crore (March 2011). Many call him a God in human form. He has absolved his family members from any involvement in the financial transactions carried out by him. When Indias central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs main holding company, it demanded it be paid back, but it still hasnt been. Godmen and spiritual societies are part of the lives of India's super rich Of course, it is about money. He was in Spain working before coming back to India to accept his nomination as the next spiritual head of RSSB in 1990. And soon, allegations emerged of serious wrongdoing and misappropriation of funds at both Fortis and Religare. RHC says he was president there between 2016 and 2017. Thus, Dhillon is the brothers' maternal uncle. Marina is where their grandfather Bhai Mohan Singh began what would be a flourishing empire at its peak. The New Delhi property boom Dhillons family companies invested in has since gone bust. It had also urged the court to attach their assets, which may be used to recover the award. 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. .more View 2 Comments on this Story Agritech sector seeks tax sops, cheaper credit Along the river Beas in North India sits a sprawling spiritual commune thats somewhere between a traditional ashram and a Florida gated community. So why did the Singhs let it go this bad, this fast? Between personal loans and complicated company structures, its hard to tell exactly how much Dhillon still owes his nephews and what assets they still hold. 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. gurinder singh dhillon family pics. 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. 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,. The Singhs finally had to pull out and sell their stake in Parkway also to Khazanah. Synopsis 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). Copyright 2023. We have been constantly making all possible efforts to clear our liabilities. The court had in October ordered Gurinder Singh Dhillon along with his wife Shabnam, sons Gurkirat and Gurpreet and daughter-in-law Nayan Tara to be personally present in the court on November 14, after Dhillon and his family members had said that they did not owe any money to RHC Holding Pvt Ltd, promoted by Malvinder and Shivinder Singh. The court directed them to file affidavits on their dealings with Malvinder, RHC Holdings, Oscar Investments Ltd and related companies within two weeks. The reception and adminstration get edgy as soon as Dhillons and Singhs are enquired about. During Religares public issue in 2007, 62.50 lakh shares representing 9.17 per cent equity each were allotted to Dhillons sons Gurpreet and Gurkirat. Of the remaining Rs7,500 crore, Rs1,750 crore were. 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. The loan and the write-off is under regulatory scrutiny. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. 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. Serious Frauds Investigation Office and Sebi are probing alleged financial irregularities under Singh brothers, including the charge that the promoters allegedly transferred Rs473 crore from the company without approvals. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas (RSSB), his family members and associates are among 55 individuals and entities ordered by a court to pay over Rs 6,000 crore owed to RHC Holding in connection with the settlement of a dispute related to Daiichi Sankyo's acquisition of Ranbaxy Laboratories. For reprint rights: Times Syndication Service. Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers 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 . Queries sent to RHC and Dhillon remained unanswered by press time Wednesday. Be recovered from former Religare Enterprises ' plan to sell its health insurance business nearly. Lab to find truths out for yourself ( NBFC ) known is that the Dhillon family used money. 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