Free Press Journal

Shivinder asks NCLT to remove elder brother Malvinder from RHC Holdings board


New Delhi: Former Fortis Healthcare promoter Shivinder Mohan Singh has moved the National Company Law Tribunal (NCLT) to remove his elder brother Malvinder Mohan Singh from the board of RHC Holdings alleging “blatant acts of mismanagement” by him and also asked to reconstitute the board of the company.

Shivinder in his petition filed before the NCLT alleged “illegal and unlawful manipulation of records” of RHC Holdings including forging of signature of his wife Aditi Singh, while asking the NCLT to declare that Malvinder and ex-Religare chief Sunil Godhwani caused grave prejudice to the interest of the company by acting in “collusion with each other”.

The younger brother also requested before the tribunal to allow him or his authorised representatives to inspect the statutory records of RHC Holdings and taking copies thereof.

He had prayed to “reconstitute the Board of Directors of Respondent No. 1 company (RHC Holdings) in exclusion of Respondent No. 2 (Malvinder Mohan Singh) and/or his officer, agent, servant or representative”.

Shivinder has also requested NCLT to “direct Malvinder Mohan Singh and Respondent No. 4 (Sunil Godhwani) to restitute the undue gains made by themselves which lead to losses being suffered by the petitioners and RHC Holdings”.

The petition is listed for hearing on Thursday before the principal bench of NCLT.

Shivender Singh has also prayed NCLT to direct Malvinder Singh and Sunil Godhwani to “restitute and restore the wealth of RHC Holdings which got eroded due to their unlawful actions” and disclose “their assets, bank accounts and net worth”.

The petition filed through law firm RRG & Associates also asked NCLT to direct Malvinder “to return the funds unlawfully taken from Fortis Healthcare and Religare Enterprises”.

When contacted RRG & Associates managing partner Ranjana Roy Gawai refused to comment on the ground that “matter is subjudice and proprietary demands that we should await the outcome…” Comments from Malvinder Singh could not be obtained despite repeated attempts to reach him.

Shivinder also requested NCLT to direct Malvinder and Godhwani “not to alienate any interest in any asset anywhere so that recoveries can be effected against them”.

While seeking interim relief, Shivinder has sought an injunction “to maintain status quo as on filing of the present Petition” over the shareholding of RHC Holdings till the time of disposal of the matter.

He has also sought “status quo to be maintained on board of directors” of RHC Holdings in his petition filed under section 241, 241 and 244 of the Companies Act, 2013.

In his 43-page-long petition, Shivinder also alleged that signature of his wife Aditi Singh, who had held the post of managing director of RHC Holdings, was forged.

“There are also instances of the petitioner No 3 (Aditi Singh) being shown as present for a board meeting when she was in fact abroad. A resolution of the board of the company dated September 25, 2014 demonstrates the presence of petitioner No 3 in the board meeting, while in fact she was out of country from September 24, 2014, till September 28, 2014… ,” he said.

Shivinder further said: “Aditi Singh mere held the post of managing director on paper and had no role to play in the day to day workings of the company…has always been a home maker who played no part in the functioning of RHC Holdings.”

RHC Holding Pvt Ltd is a non-banking financial company owned by the families of Singh Brothers. Currently, Malvinder Singh is managing director of the firm.