Bhai Mohan Singh, the grand old man of India's pharmaceutical industry and founder of Ranbaxy laboratories, passed away on Monday evening at the age of 89.
Bhai Mohan Singh came to Delhi from Rawalpindi after the partition, having made big money in road contracts in the northeast region during the Second World War. He was soon in business, lending money to companies based in Delhi. It would be difficult to tell if he would have shared the elation of his grandson, Malvinder Mohan Singh at the family's exit from the company today.
The feud over Ranbaxy patriarch Bhai Mohan Singh's will deepened as Malvinder and Shivender duo (owners of Ranbaxy and Fortis respectively) and Manjit Singh issuing separate notices to the biggest beneficiary, Analjit Singh.
An out-of-court settlement of the feud over Ranbaxy founder Bhai Mohan Singh's will is seemingly imminent between Analjit Singh and Malvinder, Shivender duo, the present promoters of Ranbaxy and Fortis respectively.
The tussle over Ranbaxy patriarch Bhai Mohan Singh's will is set to intensify with his second son Manjit Singh staking claim to his parents assets on Tuesday. The assets include shares of about 40 companies.
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One reform that Malvinder couldn't do was that of the company's board of directors. For long, doctors and scientists have been inadequately represented on the Ranbaxy board. The new owner will have to address this problem.
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Ranbaxy chief Malvinder Singh and Max Healthcare chairman Analjit Singh on Monday said they have reached a settlement on the will of Ranbaxy founder Bhai Mohan Singh and decided to withdraw all cases against each other.
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
Ranbaxy did its maiden public issue in 1973.
Malvinder, who has made his family richer by Rs 10,000 crore (Rs 100 billion), was brought up in relative austerity. While his cousins zipped around the town in fancy cars, he would travel to college in Delhi Transport Corporation (DTC) buses.
No one would have dreamt then that, in the space of a generation, Delhi would be challenging Mumbai to become the country's business capital.
The bitter dispute in the Ranbaxy promoter family took an ugly turn on Wednesday with one section approaching the police against the other, alleging 'illegal construction' at the palatial family house in the heart of the city.
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The Zee saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco, says Prosenjit Datta.
'India is home to the third-largest number of family-owned businesses in the world.' 'While everyone pays lip service to succession planning being entrenched in the functional DNA of family-owned business enterprises, it's still not an area of focus for a lot of family businesses', points out Shyamal Majumdar.
Over the years, Mr Singh has got in and out of innumerable businesses, cutting across sectors. He is one businessman who I have always found to be in a start-up mode, says Bhupesh Bhandari.
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