New Delhi : The Delhi High Court on Wednesday directed former Ranbaxy Laboratories promoter Malvinder Singh to deposit with it S$3.5 million (around Rs 18.21 crore), which he obtained by selling his shares in a company in violation of court’s direction.
Justice Rajiv Shakdher said undoubtedly there has been disobedience of the court’s previous directions by Malvinder, who along with his brother Shivinder Singh, was directed not to sell their assets.
The court’s order came after it was informed by the counsel for Malvinder, who was present in the court, that his 45 lakh equity shares in Religare Healthcare were sold in Singapore in April.
The counsel said Malvinder had received S$3.5 million by selling the shares and the amount was used by him and his brother to pay EMIs of an apartment in Singapore to avoid any default of payment.
The court was hearing a petition of Japanese pharma major Daiichi Sankyo, which had come to the high court seeking execution of the Rs 3,500 crore Singapore tribunal arbitral award won by it in April 2016.
Shivinder accused bro of forging wife’s signature
NEW DELHI: Shivinder Mohan Singh has alleged that his elder brother Malvinder forged his wife’s signature, perpetrated illegal financial transactions and led the company into an unsustainable debt trap. In a petition filed before the New Delhi-bench of the National Company Law Tribunal (NCLT), the younger of the Singh siblings, who were synonymous with each other for decades, sued Malvinder for “oppression and mismanagement” of their companies. The petition, which is likely to come up for hearing Thursday, charges Malvinder, 45, and former chairman of Religare Enterprises Sunil Godhwani of putting the company in a debt trap and acting prejudicially to the interest of its creditors and shareholders. Malvinder “forged the signatures” of Aditi Singh, Shivinder’s wife, in the documents of RHC Holdings, which along with Oscar Investments jointly owned financial services firm Religare Enterprises and Fortis Healthcare, it said. Malvinder and Godhwani “used their respective positions to perpetrate or cause others to perpetrate illegal financial transactions and various acts of mismanagement by and through RHC, leading to massive losses to RHC and its subsidiaries, and a depletion of the wealth,” the petition said.
Their mismanagement put the company “into an unsustainable debt trap,” it said.
Shivinder, whose public shareholding along with that of his elder brother was seized by lenders, besides being probed for illegal withdrawal of funds from Fortis Healthcare, wanted NCLT to remove Malvinder and reconstitute the board of RHC.
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