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Last Updated : Sep 14, 2018 03:32 PM IST | Source: CNBC-TV18

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.

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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.

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The petition was withdrawn 'out of respect for their mother' and the two brothers have already started 'mediation', according to the NCLT filing.

 
First Published on Sep 14, 2018 03:32 pm
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