Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Associate Partners:

  • Kotak Mutual Fund
  • Pharmeasy
  • Indiabulls
  • SBI

Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
SBI
UPCOMING EVENT:Are you 45+? Planning for retirement? We have just the right webinar for you - Planning for Retirement with Life Insurance on 27-Jan, 3pm. Register now!
you are here: HomeNewsBusiness

Twist in tale: Religare Enterprises moves NCLT to recover siphoned funds from Singh Brothers

Former Ranbaxy promoter and Fortis founder Shivinder Singh had alleged about these financial irregularities in his letter earlier this month.

September 14, 2018 / 03:32 PM IST
According to the EOW, the accused colluded with the former promoters of Religare Enterprises, Malvinder Mohan Singh and Shivinder Mohan Singh. (Image: Reuters)

According to the EOW, the accused colluded with the former promoters of Religare Enterprises, Malvinder Mohan Singh and Shivinder Mohan Singh. (Image: Reuters)

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

In a new and significant twist to the ongoing Singh brothers saga, Religare Enterprises has moved to the National Company Law Tribunal (NCLT) to recover funds siphoned off from the company held by the two siblings.

Former Ranbaxy promoter and Fortis founder Shivinder Singh had alleged about these financial irregularities in his letter earlier this month.

According to Shivinder's letter, his elder brother Malvinder “forged the signatures” of Aditi Singh, Shivinder’s wife, in the documents of RHC Holdings Pvt Ltd, which along with Oscar Investments Ltd jointly owned financial services firm Religare Enterprises Ltd and hospital chain Fortis Healthcare Ltd.

The NCLT, on Friday, allowed Religare Enterprises to use the claims, allegations forwarded in Shivinder Singh's plea for any recovery proceedings.

"Pleading by Shivinder Singh clearly state the Malvinder Singh acted to divert funds from Religare Enterprises. Religare should be a liberty to seek recovery of funds from Malvinder for having diverted funds, caused losses," Religare Enterprises told the tribunal.

Close

The development comes a day after Shivinder Singh withdrew his petition against brother Malvinder Singh from the NCLT.

The petition was withdrawn 'out of respect for their mother' and the two brothers have already started 'mediation', according to the NCLT filing.

 
CNBC-TV18
first published: Sep 14, 2018 03:32 pm
Sections
ISO 27001 - BSI Assurance Mark