AIR INDIA REALTY ASSETS UP FOR SALE
NEWDELHI: Former Ranbaxy Laboratories Ltd promoter and Fortis Healthcare Ltd co-founder Shivinder Singh said on Friday that he intends to use the “mediation process” to amicably resolve differences with his brother Malvinder but that his decision to “disassociate” from his brother stands.
Shivinder withdrew his petition from the National Company Law Tribunal (NCLT) against Malvinder Singh on Thursday after their mother and elder family members stepped in.
“To allay justifiable scepticism, let me be clear: the decision to disassociate from my brother and tread an independent path stands,” Shivinder said in a statement.
He said that in case mediation doesn’t work, he intends to reassess and refile a case against Malvinder. “It is clear that my brother and I cannot do so (business) together. To that end, I intend to use the mediation process to get to a critical decision. Namely, whether my brother or I take full responsibility for resolving the group’s issues with Daiichi Sankyo and other lenders,” he added.
People close to the Singh family said elders in the family were trying to resolve the issues between the brothers concerning the management of RHC Holding Pvt. Ltd, a family holding company, and other liabilities includ- ing a $500 million arbitration award to Daiichi Sankyo over fraud allegations related to the 2008 sale of drug maker Ranbaxy Laboratories.
In a statement on September 4, Shivinder distanced himself from alleged irregularities and decisions taken in the past two years at the Fortis Healthcare hospital chain.
He also sought to dissociate himself from his elder brother, saying that he had “all along been the publicly supportive younger brother to Malvinder’s chairmanship of the group, who took decisions on behalf of the family”. “The decision to file the case was made with a very heavy heart and after careful deliberation. The decision to withdraw was weighed equally seriously. I did so because my primary goal remains to address and resolve the group’s issues through constructive and transparent engagement with Daiichi Sankyo and our other creditors,” Shivinder added.