Free Press Journal

Need for arbitration to resolve differences, says Fortis promoter


New Delhi : The NCLT allowed former Fortis Healthcare promoter Shivinder Mohan Singh to withdraw his petition against elder brother Malvinder Mohan Singh and ex-Religare chief Sunil Godhwani.

A two-member bench of NCLT headed by its Chairman Justice M M Kumar on Friday allowed Shivinder to withdraw his plea. “The NCLT granted my request to withdraw the petition of oppression and mismanagement I had filed against my brother Malvinder, and Godhwani. I am indebted to the Court for accepting my request,” Shivinder said in a statement.

“The request to withdraw was made after repeated urging by my mother and family that Malvinder and I participate in mediation as a final attempt to resolve amicably the inter se issues between us,” he added. The decision to file the case was made with a very heavy heart and after careful deliberation. The decision to withdraw was weighed equally seriously, he said.

He added that primary goal remains to address and resolve the group’s issues through engagement with Daiichi Sankyo and their other creditors. “It is clear that my brother and I cannot do so together,” he added.

“To that end, I intend to use the mediation process to get to a critical decision. Namely, whether my brother or I take full responsibility for resolving the group’s issues with Daiichi Sankyo and other lenders,” Shivinder said.