Home BUSINESS Fortis Co-Founder Shivinder Singh Sues Elder Brother Malvinder, Severs Business Ties

Fortis Co-Founder Shivinder Singh Sues Elder Brother Malvinder, Severs Business Ties

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Former Fortis Healthcare promoter Shivinder Singh on Tuesday said that has moved the National Company Law Tribunal (NCLT) against elder brother Malvinder and ex-Religare chief Sunil Godhwani, while dissociating from his brother as business partner.

I have filed a case against Malvinder and Sunil Godhwani in the NCLT for oppression and mismanagement of RHC Holding, Religare and Fortis

– said Shivinder in a statement

Shivinder also alleged that collective and ongoing actions of his elder brother and Godhwani led to a systemic undermining of the interests of companies and their shareholders.

While the group businesses were in “Competent” hands, red flags have crept up in the group with disturbing regularity. Decisions taken in Religare’s NBFC arm; the transaction and subsequent management of the sale of the group’s then flagship – Ranbaxy to Daiichi, culminating in one of the most damaging Arbitration cases in the history of India Inc., the unimaginable losses accumulated in running a private charter airline business (Ligare aviation), all these only go to show that the malaise is systemic

– read the statement

He further said that this action was “long overdue” but got delayed in the fond hope that better sense shall eventually prevail and another “ugly chapter of family feud” would not be written.

“The collective, ongoing, actions of Malvinder and Sunil Godhwani led to a systematic undermining of the interests of the companies and their shareholders mentioned above as also the committed and loyal employees of the group,” Shivinder said.

Comments from Malvinder Singh could not be obtained at the time of filing this story.

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