Viswanath Pilla Moneycontrol News
The feud between brothers Shivinder Mohan Singh and Malvinder Singh took a new turn on Thursday when the former withdrew his petition from the NCLT citing respect for their mother.
“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, without prejudice to their rights and contentions. All rights of the petitioners are hereby reserved,” read the filing.
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 tribunal, which has heard the petition filed by Shivinder, allowed both parties - Shivinder and his wife Aditi Singh and Malvinder - to inspect the books of RHC.
NCLT has posted the matter on October 9 for next hearing.
Shivinder couldn't be reached for a comment and his spokesperson told Moneycontrol that Singh is currently traveling.
"Since Shivinder withdrew the petition, nothing much to comment," said spokesperson of Malvinder.
"Good sense has prevailed," the spokesperson 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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