The Hush Post: Billionaire Shivinder Mohan Singh, co-founder of Fortis Healthcare and former Ranbaxy promoter, has reportedly filed a case against his elder brother Malvinder Mohan Singh.
He filed the case in the National Company Law Tribunal on Tuesday for “oppression and mismanagement” of the companies RHC Holding, Religare and Fortis. He also filed a case against the former head of Religare, Sunil Godhwani.
“The collective, ongoing, actions of Malvinder and Sunil Godhwani led to a systematic undermining of the interests of the companies and their shareholders as also the committed and loyal employees of the group,” Shivinder Singh said in a statement.
Shivinder said the action had been “long overdue” but he had hoped that “better sense” would prevail and another “ugly chapter of family feud” would not be written. “I have all along been the publicly supportive younger brother to Malvinder’s chairmanship of the group, who took decisions on behalf of the family,” he said.
After leading Fortis Healthcare for close to two decades, Shivinder had moved out to devote himself fulltime to the Radha Soami Satsang Beas.
The Singh brothers had resigned as directors from the board of Fortis Healthcare in February this year, following the Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo.
In June this year, Fortis Healthcare had initiated legal action to recover about Rs 500 crore of funds allegedly taken out of the company by Malvinder and Shivinder Singh after an external investigation found “systemic lapses and override of controls” in the loan given.