NCLT issues notice to Malvinder Singh, directs status quo over RHC Holdings
The National Company Law Tribunal (NCLT) on Thursday issued notices to Malvinder Mohan Singh, ex-Religare chief Sunil Godhwani and others, and also directed to maintain status quo over the shareholdings and composition of RHC Holdings board after the plea of 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 after Shivinder’s petition over alleged “oppression and mismanagement” of RHC Holdings.
“We allow both parties to access, examine records. They can also take photocopies in accordance with law,” the tribunal said. The tribunal also directed Malvinder Singh and other respondents to file their replies within 10 days and sought rejoinder from Shivinder Singh in two weeks.
The NCLT has posted the matter on October 9 for next hearing.
Former Fortis Healthcare promoter Shivinder Mohan 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 the NCLT had alleged “illegal and unlawful manipulation of records” of RHC Holdings, including forging of signature of his wife Aditi Singh, while asking the NCLT to declare that Malvinder and ex-Religare chief Sunil Godhwani caused grave prejudice to the interest of the company by acting in “collusion with each other”.
The younger brother had also requested the tribunal to allow him or his authorised representatives to inspect the statutory records of RHC Holdings and taking copies thereof. He had prayed to “reconstitute the board of directors of Respondent No. 1 company (RHC Holdings) in exclusion of Respondent No. 2 (Malvinder Mohan Singh) and/ or his officer, agent, servant or representative”.
Shivinder has also requested NCLT to “direct Malvinder Mohan Singh and Respondent No. 4 (Sunil Godhwani) to restitute the undue gains made by themselves which lead to losses being suffered by the petitioners and RHC Holdings”.
Shivinder Singh has also prayed NCLT to direct Malvinder Singh and Sunil Godhwani to “restitute and restore the wealth of RHC Holdings which got eroded due to their unlawful actions” and disclose “their assets, bank accounts and net worth”.
The petition filed through law firm RRG & Associates also asked NCLT to direct Malvinder “to return the funds unlawfully taken from Fortis Healthcare and Religare Enterprises”. Shivinder also requested NCLT to direct Malvinder and Godhwani “not to alienate any interest in any asset anywhere so that recoveries can be effected against them”.
While seeking interim relief, Shivinder had sought an injunction “to maintain status quo as on filing of the present Petition” over the shareholding of RHC Holdings till the time of disposal of the matter.
NEW DELHI: