NCLT notice to Malvinder Singh, exReligare chief Sunil Godhwani

The National Company Law Tribunal (NCLT) on Thursday issued notices to Malvinder Mohan Singh, ex-Religare chief Sunil Godhwani and others, and directed status quo over the shareholdings and composition of RHC Holdings on a plea by younger brother Shivinder Singh.

The tribunal also allowed both parties—Shivinder Singh and his wife Aditi Singh, and other party Malvinder Singh— to inspect documents and take photocopies of the records of RHC Holdings. A two-member bench headed by NCLT president Justice MM Kumar issued notices to Malvinder, Godhwani and others following Shivinder’s plea over alleged “oppression and mismanagement” of RHC Holdings. NCLT also directed Malvinder Singh and other respondents to file replies within 10 days and sought a rejoinder from Shivinder Singh in two weeks. NCLT has posted the matter on October 9 for next hearing.

Former Fortis Healthcare promoter Shivinder Singh had moved NCLT to remove his elder brother, Malvinder, 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 NCLT alleged “illegal and unlawful manipulation of records” of RHC Holdings, including forging of signature of his wife Aditi Singh, while asking NCLT to declare Malvinder and ex-Religare chief Godhwani caused grave prejudice to the interest of the company by acting in “collusion with each other”.