Malvinder files criminal case against brother, baba
■ Alleges financial fraud and threats to kill him
Informal sector workers in the
18-40 age group, can now subscribe to the Pradhan Mantri Shram Yogi Maan-Dhan (PMSYM) scheme, which provides an assured monthly pension of `3,000, at 3.13 lakh common service centres (CSCs) across the country. The monthly contribution by the worker joining the scheme at
18 would be `55, with matching contributions from the government. The worker joining at the age of 40 years would contribute `200. New Delhi, Feb. 17: Former Fortis Healthcare promoter Malvinder Singh has filed a criminal complaint against his brother Shivinder Singh, spiritual head of the Radha Soami Satsang Gurinder Singh Dhillon and others alleging financial fraud and threats to kill him.
The other people who are named in the complaint include Gurkirat Singh Dhillon, Gurpreet Singh Dillon, Shabnam Dhillon, Godhwani kin—Sunil and Sanjay.
Malvinder Singh, who filed the complaint before the Economic Offences Wing here, alleged that Gurinder Singh Dhillon, or Baba, through his lawyer Ferida Chopra has threatened to kill him.
"Gurinder Singh Dhillon has threatened the complainant through his lawyer Ferida Chopra that if he did not agree to the demands of Gurinder Singh Dhillon, he would be eliminated by persons from the Radha Soami Satsang," the complaint said.
The complainant also charged of receiving veiled innuendoes and threats from various other satsangis about listening to the demands of Dhilion.
"...Shivinder Mohan Singh, in collusion and connivance with Gurinder Singh Dhillon, Gurpreet Singh Dhillon, Gurkirat Singh Dhillon, Sunil Godhwani, Sanjay Godhwani, Rajveer Singh Gulia and Pramod Ahuja misused his position, by aiding in concealment of the illegal acts of shiphoning off the funds...," the plaint alleged.
He alleged that Shivinder Mohan Singh and Sunil Godhwani in conspiracy with other coaccused have carried out and orchestrated serious financial fraud in two other companies -Religare Enterprises Ltd and Religare Finvest Ltd, which has caused substantial financial losses.
He has also claimed that the accused misrepresented the financial condition of the companies and conspired with the Dhillon family to inflict wrongful loss to the complainant.
The accused persons have conspired criminal conspiracy and also misappropriated the property of RHC Holding Pvt Ltd.
“It is submitted that a detailed and thorough investigation is imperative to expose the exact nature and extent of the conspiracy entered into by the accused persons, including custodial interrogation, considering that a substantial amount of public money is involved," the plaint alleged.
When contacted, Shivinder Singh declined to comment on the issue, while Malvinder Singh did not respond to the queries.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The discord reportedly aggravated further over payment of arbitration award to Daiichi Sankyo. Shivinder had offered to pay his share of the Rs 3,500 crore award to the Japanese drug maker in a dispute related to the acquisition of Ranbaxy Laboratories.
Last year, in December also, feuding Singh brothers have accused each other of assault.
In September last year, Shivinder had filed a petition before the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and ex-Religare chief Sunil Godhwani led to a systemic undermining of the interests of the companies and their shareholders.
He had also alleged his elder brother Malvinder forged his wife’s signature, perpetrated illegal financial transactions and led the company into an unsustainable debt trap.
Later, on September 14, 2018, the petition was withdrawn by Shivinder from NCLT on his mother's advice. Taking a recent insurance deal as the benchmark, the promoters of Apollo Hospitals are seeking
`1,300 crore–`1,400 crore for their stake in Apollo Munich Health Insurance. This will mean four-fold returns for them on the investment of around `300 crore made in the joint venture with the German reinsurance major.
The Apollo promoters are in talks with a few general insurance companies to divest their 40 per cent stake in the venture. A deal will help them clear more than 70 per cent of the Rs 1,750 crore they had raised by pledging shares.
In all, Apollo promoters, Prathap C. Reddy and his family, have in invested roughly `300 crore in Apollo Munich Insurance. This includes the initial investment and the money pumped into the company to fund its losses between
2013 and 2017.
“In the last deal happened in the standalone health insurance space, the company was valued
1.6 times its gross premium. Going by this benchmark, Apollo Munich can demand a valuation of 1.7 times its gross premium. This can fetch around
`1,300 crore for the 40 per cent stake. This will help the promoters bring down their debt by more than 70 per cent,” said a source privy to the development.
At the rate the company has been growing, Apollo Munich is supposed to clock `2,200 crore gross