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New Delhi, Dec 24 () Former Fortis Healthcare promoter Malvinder Singh was arrested on Tuesday in another case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL), the police said.
 Singh is already in judicial custody in another case.
 RFL alleged that Malvinder Singh and his brother Shivinder Mohan Singh in connivance with the employees of Lakshmi Vilas Bank misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company, the police said.
 The investigation in the case, filed in September, revealed that the duo misappropriated the amount by availing loan from the bank against these FDs in RHC Holdings Pvt Ltd company they owned and further squaring off their abilities, according to the police.
 Malvinder and Shivinder systematically siphoned off and diverted public money in a clandestine manner for their own benefit, they added.
 A Delhi court had on Monday extended the judicial custody of Malvinder Singh and a co-accused by two weeks in a money laundering case related to alleged misappropriation of funds at RFL.
 Besides Malvinder, the court remanded Sunil Godhwani, former CMD of Religare Enterprises Ltd (REL), to judicial custody till January 6 next year
 Earlier, Malvinder, his brother Shivinder, and Godhwani were in judicial custody along with two others -- Kavi Arora and Anil Saxena -- in a case filed by the Economic Offences Wing (EOW) of Delhi Police.
 The five were arrested by EOW for allegedly diverting the money and investing in other companies.
 The EOW registered an FIR in March after it received a complaint from RFL's Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies. NIT CK

Malvinder Singh arrested in another case of funds misappropriation

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

The Committee of Directors (CoD) at the troubled <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) has shortlisted three candidates for the post of MD and CEO and the names will be sent to the RBI within a week, an official of the bank said. The lender's chief executive S Sundar and six other directors were voted out by shareholders earlier this week. Post the removal, the Reserve Bank appointed a three-member Committee of Directors (CoD) comprising independent directors Meeta Makhan, Shakti Sinha and Satish Kumar Kalra. "A bank cannot work without a managing director and chief executive officer (MD and CEO). So, we at the board got together and discussed how to move ahead without an MD (for the time being). "The bank had interview for the post... and we have selected three candidates. We will send our recommendations to the Reserve Bank within a week," Sinha told . All the three candidates are from the private sector, he added. He also emphasised that the CoD is running the bank in the capacity of an administrator and there is complete transparency in its functioning. In reply to a question on what could have triggered the shareholders to take such a drastic step, Sinha said apparently they lost confidence in those directors and thus voted them out. The South-based lender has been struggling to raise capital for the last few years. A proposal of merger with non-banking finance company Indiabulls Housing Finance was rejected by the RBI in 2019. Subsequently, LVB had in June 2020 inked a non-binding agreement with the Clix Group for amalgamation. Sinha said the CoD is much very inclined to go ahead the deal with Aion Capital-backed Clix Capital, which is an NBFC. "We want the bank to function normally and we are going ahead with the raising of capital, as planned. They (Clix) are committed to the process of going ahead. The bank remains the same, we hope to get it very soon," he added. For the full year 2019-20, LVB posted a net loss of Rs 836.04 crore, marginally lower from the loss of Rs 894.09 crore in 2018-19 Sinha also said the situation at LVB is akin to what Yes Bank went through earlier this year. "Our troubles are old troubles, these are not fresh troubles. We have big burden of the past. They thought the economy is doing well (in the past) and took a bit of risk. There were three-four bad deals of Rs 300-500 crore and that suddenly changed everything," Sinha said. Troubles at the bank started after it shifted its focus to large businesses from SMEs. It extended nearly Rs 720 crore to the investment arms of Malvinder Singh and Shivinder Singh, former promoters of pharma major Ranbaxy and Fortis Healthcare, against fixed deposits (FDs) of Rs 794 crore made with the bank in late 2016 and early 2017. Last week, the Delhi Police arrested two former employees of <keyword id="167206" type="COMPANY" weightage="20" keywordseo="lakshmi-vilas">Lakshmi Vilas</keyword> Bank for their alleged involvement in misappropriation of fixed deposit receipts worth Rs 729 crore of Religare Finvest Limited. As the bank was incurring losses for the previous 10 quarters, the Reserve Bank of India placed it under the Prompt Corrective Action (PCA) framework in September 2019. Under the PCA, the bank has been asked to bring in additional capital, restrict further lending to corporates, reduce NPA and improve its provision coverage ratio to 70 per cent. "There has been a steady decline in the bank's deposit base since September 2019 and increase in the NPA ratios. The bank's Tier 1 capital ratio has turned negative, at (-)0.88 per cent, as compared to the minimum requirement of 8.875 per cent," LVB's auditor has said in its annual report for FY20. However, the truncated board of LVB has sought to assuage investors, stating that the bank's liquidity situation was comfortable and assured the depositors that their monies were safe. "With Liquidity Coverage Ratio (LCR) of about 262 per cent as on September 27, against minimum 100 per cent required by RBI, the deposit-holders, bond-holders, account-holders and creditors are well safe guarded," the bank had said in a statement on Sunday. Stock of LVB closed 6.7 per cent lower at Rs 18.80 apiece on BSE on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/india/news/babri-masjid-demolition-case-cbi-special-court-acquits-all-accused-judge-says-demolition-was-not-pre-planned/articleshow/78401534.cms">Babri Masjid demolition case: CBI Special Court acquits all accused, judge says ‘demolition was not pre-planned’</a> <a href="https://www.businessinsider.in/india/news/rbi-records-its-largest-ever-current-account-surplus-but-thats-not-necessarily-a-good-thing/articleshow/78403696.cms">RBI records its largest-ever current account surplus — but that’s not necessarily a good thing</a> <a href="https://www.businessinsider.in/tech/enterprise/news/airtel-launches-new-cybersecurity-product-with-cisco-radware-vmware-and-forcepoint-for-enterprises-it-took-100-crore-and-over-a-year-to-set-up/articleshow/78403006.cms">Airtel launches new cybersecurity product with CISCO, Radware, VMware, and Forcepoint for enterprises — it took ₹100 crore and over a year to set up</a>

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Malvinder Singh arrested in another case of funds misappropriation

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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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Lakshmi Vilas Bank shortlists three candidates for MD & CEO post — will send names to RBI in a week

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