Viswanath Pilla Moneycontrol News
Shivinder Singh, who withdrew his petition from the National Company Law Tribunal (NCLT) against his elder brother Malvinder Singh citing respect for their mother, on Friday said he intends to use the “mediation process” to resolve differences amicably but his decision to disassociate from his brother stands.
Shivinder further added that in case the mediation falls through, he intends to reassess and start a fresh action against his brother.
“It is clear that my brother and I cannot do so (business) together. To that end, I intend to use the mediation process to get to a critical decision. Namely, whether my brother or I take full responsibility for resolving the group’s issues with Daiichi Sankyo and other lenders,” Shivinder in an email statement.
Shivinder didn’t make it clear who will be mediating between the brothers.
Shivinder had earlier on September 4 filed a case against Malvinder and Sunil Godhwani in the NCLT, alleging 'oppression and mismanagement' of RHC Holding, Religare Enterprises and Fortis Healthcare.
Shivinder went on to make serious allegations like misappropriation of funds, forgery and pushing the group into debt trap.
“The decision to file the case was made with a very heavy heart and after careful deliberation. The decision to withdraw was weighed equally seriously,” Shivinder said.
“I did so because my primary goal remains to address and resolve the group’s issues through constructive and transparent engagement with Daiichi Sankyo and our other creditors,” he added.
Moneycontrol had earlier reported that it may be too late for Shivinder to absolve himself from the financial and legal troubles of the group.
The brothers have lost management control over Fortis and Religare and are facing heat from Japanese drug maker Daichii Sankyo, which is trying to enforce a Rs 3,500-crore arbitration award it got from a tribunal in Singapore. Last month, Fortis shareholders' approved sale of their company to Malaysia’s IHH Healthcare for $1.1 billion.
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