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The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare . The apex court earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer <keyword id="85190" type="COMPANY" weightage="20" keywordseo="Daiichi-Sankyo">Daiichi Sankyo</keyword>. A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold. The apex court said that they would hear the Singhs on the quantum of sentence later. The Japanese firm had filed contempt petition against the former Ranbaxy promoters alleging that execution of their arbitral award had been in jeopardy as the Singh brothers disposed of their controlling stakes in Fortis Group to the Malaysian firm.

Malvinder and Shivinder Singh held guilty of violating Supreme Court order

<ul><li>Two of India’s most-famous billionaires, <keyword id="6359351" type="PERSON" weightage="20" keywordseo="malvinder-singh">Malvinder Singh</keyword> and <keyword id="136456" type="PERSON" weightage="20" keywordseo="Shivinder-Singh">Shivinder Singh</keyword> -- the former promoters of the erstwhile drug maker Ranbaxy-- have been arrested by the Delhi police </li><li>They are accused of siphoning $300 million from their own financing firm, <keyword id="168310" type="DOMAIN" weightage="20" keywordseo="Religare-Enterprises-Ltd">Religare Enterprises Ltd</keyword>. </li><li>The billionaire duo had inherited Ranbaxy, a company that was nurtured into becoming India’s largest drugmaker, over decades. </li><li>Just over a decade after the historic sale of Ranbaxy to Japanese pharma major Daiichi Sankyo, <keyword id="6739123" type="UNKNOWN" weightage="20" keywordseo="The-Singh-Brothers">the Singh brothers</keyword> find themselves in prison for alleged financial impropriety. </li></ul>Two of India’s most-famous billionaires,Malvinder Singh and Shivinder Singh -- the former promoters of the erstwhile drug maker Ranbaxy-- have been arrested by the Delhi police for siphoning $300 million from their own financing firm, Religare Enterprises Ltd. The billionaire duo had inherited Ranbaxy, a company that was nurtured into becoming India’s largest drugmaker, over decades. The Singh brothers lacked the patience and the scruples of their previous generation. Under their leadership, Ranbaxy gained unmatched global prominence very quickly, other businesses like the hospital chain Fortis Healthcare and financial services firm Religare thrived. But the house of cards came crashing down just as fast. Just over a decade after the historic sale of Ranbaxy to Japanese pharma major Daiichi Sankyo, the Singh brothers find themselves in prison for alleged financial impropriety. 
	<div type="Slideshow" msid="71534985" hostid="261" title="An Indian billionaire duo's journey from glory to prison in just over a decade" firstImageMsid="71535246" slideCount="7"></div>

An Indian billionaire’s journey from glory to prison in just over a decade

<ul><li>India’s <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has ordered the former promoters of pharma major Ranbaxy, Malvinder Mohan Singh and his brother Shivinder Mohan Singh, to pay their outstanding dues to Japan’s <keyword id="85190" type="COMPANY" weightage="20" keywordseo="Daiichi-Sankyo">Daiichi Sankyo</keyword> or risk facing jail time. </li><li>The apex court has been hearing a petition filed by Daiichi Sankyo alleging the non-payment of ₹35 billion. The amount had been awarded to the Japanese firm in a previous arbitration in mid-2016 by the Singapore High Court. </li><li>The brothers sold their stake in Ranbaxy to Daiichi Sankyo in 2008. However, following the sale, a number of quality control issues and irregularities at Ranbaxy’s plants came to light. </li></ul>India’s Supreme Court has ordered the former promoters of pharma major Ranbaxy, Malvinder Mohan Singh and his brother Shivinder Mohan Singh, to pay their outstanding dues to Japan’s Daiichi Sankyo or risk facing jail time. The apex court has been hearing a petition filed by Daiichi Sankyo alleging the non-payment of ₹35 billion. The amount had been awarded to the Japanese firm <a href="https://www.thehindubusinessline.com/companies/singapore-hc-orders-singh-brothers-to-pay-3500-crore-to-daiichi/article25801645.ece">in a previous arbitration</a> in <a href="https://www.livemint.com/Companies/EqvCviWG72lCNAMBOm61OJ/Former-Ranbaxy-owners-will-have-to-pay-Rs1000-crore-more-s.html">mid-2016 </a>by the Singapore High Court. The brothers sold their stake in Ranbaxy to Daiichi Sankyo in 2008. However, following the sale, a number of quality control issues and irregularities at Ranbaxy’s plants came to light, after which Daiichi Sankyo took the brothers to court. In March 2019, the brothers had been ordered by the Supreme court to come up with <a href="https://www.livemint.com/companies/news/daiichi-ranbaxy-arbitration-case-find-a-way-to-pay-up-sc-tells-singh-brothers-1552593283137.html">a plan to pay the ₹35 billion amount</a> but until now have failed to do so. The two brothers have been mired in a conflict with each other in the last few years. This came to a head <a href="https://www.businessinsider.in/the-feuding-ex-billionaire-brothers-shivinder-singh-sues-malvinder-over-alleged-mismanagement-of-fortis-empire/articleshow/65682866.cms">in September 2018,</a> when <keyword id="136456" type="PERSON" weightage="20" keywordseo="Shivinder-Singh">Shivinder Singh</keyword> filed a case against his older brother Malvinder another associate Sunil Godhwani in the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> for their role in the “oppression and mismanagement” of <keyword id="46994" type="COMPANY" weightage="20" keywordseo="Fortis-Healthcare">Fortis Healthcare</keyword>, Religare and related firms. He eventually <a href="https://www.bloombergquint.com/law-and-policy/nclt-allows-shivinder-to-withdraw-case-against-brother-malvinder-singh">withdrew the case</a> after pressure from his mother. The brothers are also being investigated by a number of Indian regulators, including the SEBI and SFIO,for the loss of ₹23 billion from their listed companies, which has resulted in their public shareholdings being frozen. Fortis, which has been posting losses since 2015, has been at the centre of a money-laundering scandal related to the approval of unsecured loans to the brothers. SEE ALSO: <a href="https://www.businessinsider.in/the-feuding-ex-billionaire-brothers-shivinder-singh-sues-malvinder-over-alleged-mismanagement-of-fortis-empire/articleshow/65682866.cms">The feuding ex-billionaire brothers: Shivinder Singh sues Malvinder over alleged mismanagement of Fortis empire</a>

The former promoters of Ranbaxy now face jail time unless they cough up ₹35 billion

<ul><li>Shivinder and Malvinder, who are the founders of <keyword id="46994" type="DOMAIN" weightage="20" keywordseo="Fortis-Healthcare">Fortis Healthcare</keyword>, are being investigated for the siphoning of ₹23 billion worth of funds from their listed companies. </li><li>On September 4th, <keyword id="136456" type="PERSON" weightage="20" keywordseo="Shivinder-Singh">Shivinder Singh</keyword> announced that he had filed a case against Malvinder and Sunil Godhwani, the former chairman of Religare, for their role in the “oppression and mismanagement” of their businesses. </li><li>A number of Indian regulators, including the SEBI and SFIO, are looking into the financial irregularities and diversion of funds at the brothers’ companies. </li></ul>Update: On September 13th, following intervention from their mother, Shivinder Singh withdrew the case he had filed against his brother Malvinder and Sunil Gondhwani in the NCLT. The brothers will now settle the case themselves out of court as their family members mediate. However, if the mediation fails, Shivinder retains the option of seeking a redressal through the courts. The decline of the healthcare czars, Shivinder Singh and brother <keyword id="6359351" type="PERSON" weightage="20" keywordseo="malvinder-singh">Malvinder Singh</keyword>, has been well-documented in recent months. The pair, who are the founders of Fortis Healthcare, have seen the empire they inherited from their father Parvinder Singh unravel spectacularly over the past few years and a fortune worth billions of dollars squandered. The brothers are being investigated for the loss of ₹23 billion from their listed companies, which has resulted in their public shareholdings being frozen. Fortis, which has been posting losses since 2015, has been at the centre of a money-laundering scandal related to the approval of unsecured loans to the brothers. Another financial services subsidiary, Religare Enterprises, which owned by them and was run by a close confidante, Sunil Godhwani, has also been hauled up by authorities for the siphoning of funds to firms that were privately held by the brothers. It has been speculated that the funds have gone towards the real estate investments of a spiritual sect, the Radha Soami Satsang Beas- the leader of which is the brothers’ uncle. The brothers also owe $500 million to Daiichi-Sankyo, which bought <keyword id="82365" type="COMPANY" weightage="20" keywordseo="Ranbaxy-Laboratories">Ranbaxy Laboratories</keyword> in 2008. The Delhi High Court found that they misrepresented the seriousness of regulatory investigations in the US against the Indian pharma major over the alleged violation of manufacturing standards and falsification of data. To add to their woes, they are also reeling from the losses of Ligare Aviation, a private charter airline business, and Religare Capital Markets, a failed investment banking venture. And now, a lawsuit On September 4th, Shivinder Singh announced that he had filed a case against his older brother Malvinder and Godhwani in the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, a bankruptcy court, for their role in the “oppression and mismanagement” of Fortis Healthcare, Religare and related firms. Shivinder claims he has no part to play in the downfall of the companies as he left the business in December 2015 to join his uncle’s spiritual sect. He also allocates most of the blame to his brother Malvinder, who was chairman of the Fortis Healthcare over the period when the financial irregularities took place. The statement is in stark contrast to one issued last month by both the brothers that placed <a href="https://www.businesstoday.in/current/corporate/singh-brothers-say-sunil-godhwani-orchestrated-transactions-left-them-with-debt-load/story/281563.html">the blame squarely on Godhwani’s shoulders</a>. As things stand, a number of Indian regulators, including the Securities and Exchange Board of India (SEBI) and <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO), are looking into the financial irregularities and diversion of funds at the brothers’ companies. Heads are expected to roll once their findings are revealed. Meanwhile, Fortis Healthcare will get a short-term lifeline from IHH Bhd, a Malaysian healthcare group. IHH is set to invest around ₹40 billion in India’s second-largest hospital chain for a 57% stake. The investment will ensure that the cash-strapped Fortis continues its operations for the foreseeable future.

The feuding ex-billionaire brothers: Shivinder Singh sues Malvinder over alleged mismanagement of Fortis empire

<keyword id="1147267" type="COMPANY" weightage="100" keywordseo="Baring-Asia">Baring Asia</keyword> and <keyword id="154607" type="COMPANY" weightage="100" keywordseo="Apollo-Global-Management">Apollo Global Management</keyword> are in race to take over <keyword id="112915" type="CITY" weightage="100" keywordseo="Religare-Enterprises">Religare Enterprises</keyword> (REL) as Malvinder Singh and <keyword id="136456" type="PERSON" weightage="100" keywordseo="Shivinder-Singh">Shivinder Singh</keyword> are exiting their financial services flagship. 
 
The brothers have been looking to sell the entire holdings or minimum 51% stake in REL since May, seven years after cashing out of their flagship pharma operations Ranbaxy. 
 
Economic Times reported that the current market capitalisation of Religare Enterprises was Rs 5,626.31 crore, down around 15% from May when the sale process was launched. 
 
Meanwhile, Baring Asia and Apollo Management are conducting detailed due diligence. 
 
When contacted, a Religare spokesperson told ET, "As a matter of policy we don't comment on hearsay and market sources. However, as we have stated earlier, basis a clearance from our board last year we are evaluating various strategic alternatives to raise primary capital and also further institutionalize our shareholding to support our future growth trajectory. To comment and arrive at any conclusions beyond this based on your sources would be baseless, speculative and highly presumptuous." 
 
Baring Asia spokesperson did not comment on the issue. 
 
However, an official involved directly told the financial daily that there was no guarantee that the negotiations will translate into a deal. 
Meanwhile, industry experts expressed that Religare could not achieve the goal of becoming an ‘Indian Merrill Lynch. 
 
ET stated that only pockets of Religare's businesses are profitable with the SME focussed NBFC and global asset management arm. 
 
(Image: Indiatimes)

Baring Asia, Apollo Global Management eye Religare; deadline for final bids extended to month-end

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday sentenced former Ranbaxy promoters Malvinder Singh and Shivinder Singh to 6 months imprisonment in a case connected with the sale of shares of <keyword id="89365" type="General" weightage="100" keywordseo="fortis" source="Orion">Fortis</keyword> to Malaysia-based IHH Healthcare. A bench, headed by Chief Justice U.U. Lalit, declined to lift its stay on the open offer by IHH Healthcare Berhad for a 26 percent stake in <keyword id="46994" type="General" weightage="80" keywordseo="fortis-healthcare" source="Orion">Fortis Healthcare</keyword>. It asked the Delhi High Court to issue remand in the case and also ordered a forensic audit of the Fortis-IIH deal. "Everything goes back to the executing court," it said. The former promoters of Fortis Healthcare Ltd were embroiled in a court battle after <keyword id="85190" type="General" weightage="80" keywordseo="daiichi-sankyo" source="Orion">Daiichi Sankyo</keyword>, a Japanese firm, had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award that it had won before a Singapore tribunal against the Singh brothers. Due to a legal fight between Daiichi Sankyo and the former promoters of Fortis Healthcare, the IHH-Fortis deal is stuck. The top court also slapped the Singh brothers with a fine in the contempt case filed against them by the Japanese firm. Daiichi Sankyo moved the court to enforce the arbitral award passed by a Singapore tribunal in 2016. The Delhi High Court, in January 2018, ruled that the arbitration award won by Daiichi Sankyo against the Singh brothers for concealing information about the erstwhile Ranbaxy Laboratories, was enforceable in India. In 2018, IHH Healthcare had acquired a 31 percent controlling stake in Fortis, which triggered a mandatory open offer to acquire another 26 percent of Fortis shares from the market. However, the open offer could not move forward due to ongoing legal proceedings with respect to the transaction based on a plea filed by Daiichi Sankyo. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-cancels-licence-of-laxmi-co-operative-bank-solapur/articleshow/94387667.cms">RBI cancels licence of Laxmi Co-operative Bank, Solapur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-billionaires-debut-on-rich-list-after-ipos/articleshow/94384190.cms">Four billionaires debut on rich list after IPOs</a>

SC sends former promoters of Fortis Healthcare to six months jail

New Delhi, Nov 18 () Fortis Healthcare on Monday said it is exploring legal means with respect to the Supreme Court judgment that found the company guilty of contempt for violating the court's earlier order.
The healthcare firm said it is exploring legal means to address the case in an expeditious manner.
The SC on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its earlier order, asking them not to divest their shares in Fortis Healthcare.
It has been advised that the open offer made by IHH Healthcare Berhad to the Fortis shareholders to acquire 26 per cent stake at Rs 170 per share continues to remain in abeyance and would be adjudicated upon in conjunction with the hearing of the contempt petition, Fortis Healthcare said in a BSE filing.
"The Hon'ble Court has issued a suo moto notice of contempt to Fortis Healthcare Ltd for violating the Court order dated December 14, 2018," it added.
The company is currently evaluating the judgement and exploring legal means to address it in an expeditious manner keeping in mind the best interest of all its stakeholders, Fortis Healthcare said.
"The Hon'ble Court has vide the notice sought an enquiry into consummation of the acquisition of healthcare assets from RHT Health Trust by the company," it added.
The court has also sought an enquiry into whether the subscription by IHH to the shares of the company was undertaken after the status quo order was issued on December 14, 2018 and accordingly, if such subscription was in violation of this status quo order, Fortis Healthcare said.
"The company would be appropriately responding to these concerns of the Hon'ble Court by providing cogent evidence," it added.
The company will take this occasion to present facts before the Court that demonstrate that no part of the proceeds from the IHH transaction were paid to Malvinder Mohan Singh, Shivinder Mohan Singh or any of their controlled entities in anyway, Fortis Healthcare said.
The company would also present before the Supreme Court that the IHH transaction was consummated on November 13, 2018 which was more than a month before the status quo order was passed and the same would be adduced before the court during the contempt proceedings, Fortis Healthcare said.
It would also present that the IHH transaction was done through fresh preferential allotment of shares of the company and and due approvals were sought for the same through an extraordinary general meeting of shareholders held on August 13, 2018, the firm said.
On the RHT transaction, which was consummated on January 15, 2019, Fortis said it was undertaken in the best interest of the company and at the time of consummation of the transaction, to the best of the its knowledge the erstwhile promoters or any of their controlled entities were not unit-holders in the RHT Health Trust," it added.
As a result of this transaction, Fortis bought back hospital properties worth around Rs 4,666 crore by acquiring securities in the RHT Trust's Indian entities that had ownership of these properties, the company said.
In an announcement to Bursa Malaysia, IHH Healthcare has also said that, it "remains committed to proceed with the Fortis Open Offer once the stay is lifted by the Supreme Court of India".
The next hearing date for this matter is February 3, 2020. IHH is seeking appropriate legal advice on this matter and will subsequently decide on the future course of action, it added. AKT AKT BAL
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Malvinder and Shivinder Singh held guilty of violating Supreme Court order

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An Indian billionaire’s journey from glory to prison in just over a decade

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The former promoters of Ranbaxy now face jail time unless they cough up ₹35 billion

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The feuding ex-billionaire brothers: Shivinder Singh sues Malvinder over alleged mismanagement of Fortis empire

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Baring Asia, Apollo Global Management eye Religare; deadline for final bids extended to month-end

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SC sends former promoters of Fortis Healthcare to six months jail

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Exploring legal options to address contempt notice by SC: Fortis Healthcare

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