Sebi on Tuesday sent a notice to 7 entities, including Malvinder and Shivinder Mohan Singh, asking them to pay Rs 48.15 crore within 15 days in a fund diversion case of Religare Finvest. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
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, it said.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
In 2013, Daiichi had launched the arbitration proceedings in Singapore.
PNB has rich experience in the integration of commercial banks.
In 2014, Sun Pharma agreed to buy Ranbaxy -- which was then controlled by Daiichi.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
Sources said she had stopped eating for the past few days and had constantly been making calls and sending emails to the two brothers.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
'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.
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