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The Economic Offences Wing (EOW) of Delhi Police had registered an FIR in March, 2019 after it received a complaint from RFL's Manpreet Suri against Shivinder Mohan Singh, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
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The former promoters of Fortis Healthcare Ltd were facing a court battle after Daiichi had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award.
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The verdict further delays the takeover of the embattled hospital chain Fortis Healthcare by Malaysia’s IHH, which has already been pending for over three years.
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The top court had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo.
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RFL had placed neraly Rs 750 crore in fixed deposits with Lakshmi Vilas Bank for short-term tenor with intention to keep them free from all and any encumbrance
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In the charge sheet, filed by ED's Special Public Prosecutor Nitesh Rana, the probe agency has accused all three of money laundering, punishable under sections 3 and 4 of the Prevention of Money Laundering Act.
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ED on January 10 filed a charge sheet against Shivinder Singh and his brother Malvinder before a Delhi court in a case related to alleged misappropriation of funds at Religare Finvest Ltd.
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A duty magistrate sent both the accused to the Enforcement Directorate's custody in a proceeding held at the Tihar central jail due to an ongoing strike by lawyers in district courts.
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The Enforcement Directorate (ED) took both the accused in its custody inside the Tihar central jail here, where they are currently lodged in a case filed by the Delhi Police in relation to the alleged scam, a lawyer associated with the case said.
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Investigating agencies have a task at hand to find out the money trail -- where it had flown and who were the end beneficiaries
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Sebi, in an ad interim ex-parte order of October 17, 2018, had directed that FHL take necessary steps to recover Rs 403 crore along with interest from the Singh brothers and various promoter companies within three months.
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The top court asked the Singh brothers to consult their accountants as also financial and legal advisors and apprise it by March 28.
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The other people who are named in the complaint include Gurkirat Singh Dhillon, Gurpreet Singh Dillon, Shabnam Dhillon, Godhwani kin - Sunil and Sanjay.
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The proposed open offer is scheduled to be launched from December 18 to January 1, 2019.
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A class action suit is one that allows a large number of people having a common cause of action to jointly file or pursue a litigation.
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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.
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IHH's valuation tops the other two offers that Fortis got from Manipal-TPG consortium and a joint bid from Munjal (Hero) and the Burmans (Dabur).
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Fortis Healthcare's Malvinder Singh and Shivinder Singh referred as Singh brothers, have also promised of their support to the management and Board for the successful transition.
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The court directed them to submit list of unencumbered personal assets that need to be valued.
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Analysts say Fortis is fast reaching a point of make or break. Only a deep pocketed strategic investor could salvage the company.
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In a bid to tide over cash crunch at the group level, Malvinder Singh and Shivinder Singh are looking to divest majority stake in Fortis Healthcare, Religare Health Insurance, Religare Securities and eventually in Religare Enterprises, The Economic Times reported Saturday.
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Following last year's failed attempts by Malvinder Singh and Shivinder Singh to sell stake in financial services group Religare Enterprise of which they are promoters, the brothers are reportedly in talks to sell Religare Invest, according to a story in The Economic Times.
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Shivinder Mohan Singh (40), who is the co-founder of the healthcare chain will become the Non-Executive Vice-Chairman with effect from January 1, 2016, the company said in a statement.
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Malvinder Singh and Shivinder Singh have been planning to offload their entire holding or a minimum 51 percent stake in the company. As of June 2015, the promoters hold 50.93 percent in Religare.
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The company said that J P Morgan and Religare Capital Markets acted as financial advisors to Fortis for the transaction.
