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Dhillon is the head of the spiritual sect Radha Soami Satsang Beas, which is a breakaway faction of the Radha Soami sect founded in the 19th century in Agra. This, RFL alleges, caused the company losses of Rs 2,387 crore. Malvinder and Shivinder have been accused of diverting the money of Religare Finvest Limited (RFL), an REL subsidiary. In some cases, Religare had no use for all the space it was leasing from the gurus buildings and large parts sat empty, the people said and internal documents show. I think hes a businessman in his mind first, and a guru second, said Brian Hines, an American who was a member of the sects U.S. community for 35 years and has visited Beas. In 2016, the Reserve Bank of India, or RBI, reprimanded Religare's lending firm, Religare Finvest, for Rs1,200 crore worth of loans given without due diligence. Ligare reported net losses of Rs590 crore between 2008 and 2014, the last reported results. Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh . Nearly Rs2,700 crore was routed to these Dhillon-RSSB functionaries companies between 2009 and 2012 through a layered and complex web of subsidiaries. The year was 2008 and Malvinder and Shivinder Singh could do no wrong. After the sale of their Ranbaxy stake, Malvinder and Shivinder Singh were rolling in money. The order is currently reserved by Court of Appeals in Singapore and is expected anytime now. Singh brothers say: "Our immediate focus is to resolve all open issues and bring them to closure by repaying all debts and liabilities. In 2016, the Singapore tribunal sided with Daiichi Sankyo in its long-running suit against the brothers, awarding the Japanese firm about $500 million in damages and interest. While the Singhs are believed to have blamed Godhwani, the latter blamed it on the Singhs saying Daiichi Sankyo's allegations after the Ranbaxy deal scuttled his chances of securing the bank licence. Ranbaxy, Daiichi case: HC directs Radha Soami chief, others to clear RHC Holding dues This story is from October 11, 2019 TNN / Updated: Oct 11, 2019, 12:51 IST From revenue and net profit of Rs190 crore and Rs2.68 crore, respectively, it grew 2.5 times to Rs599 crore while profits shot up nine times to Rs24 crore by 2013/14. The development in the high court came on a day the Singh brothers were produced before a trial court after being arrested by the economic offences wing (EOW) of Delhi Police in an alleged fraud case. Who lost the money? They had to sell the home they grew up in to pay back another lender. He has only ever acted out of love and has only ever had their best interests at heart.. Shabnam Dhillon (57), wife of Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon, passed away at a hospital in England yesterday. Bhai Mohan Singh went on to set up the pharma company Ranbaxy after buying a debt-ridden company owned by his cousins Ranjit Singh and Gurbax Singh (their names Ranjit and Guxbax gave the name Ranbaxy). Malvinder also sued Gurinder Singh Dhillon and his family. Sunil Naraindas Godhwani is no ordinary man. New Delhi: Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh. Remember that sum of around Rs 2,700 crore that was mysteriously transferred to the Dhillion family? Meanwhile, Malvinder and Shivinder had education from prestigious schools -- the brothers studied at Dehradun's Doon School, Delhi's St Stephen's College and Duke University's Fuqua School of Business in the US. Daiichi-Ranbaxy case: Radha Soami chief claims in Delhi High Court don't owe money to Singh brothers Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members on Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh A statement from Fortis later explained: "Fortis Hospitals?has deployed funds in secured short-term investments with companies in normal course of treasury operations. The brothers' storied success story is matched by their equally storied downfall from grace. The bond was to strengthen further as Godhwani's daughter Simran was engaged to Dhillon's younger son Gurkirat. While many of these firms are alleged to be directly or indirectly controlled by the Dhillon family, the Dhillons themselves have had direct dealings with Singh family firms. This Article is From Apr 05, 2019 . RSSB has over two million followers and a vast land bank across the country. But Fortis had its golden run as well. Once the proceeds of the Ranbaxy sale were received, the Singh brothers paid nearly Rs2,000 crore in taxes and previous loan repayments. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. xX# }UTR=dlXyd2lRlF`*IER!7UV}O7z|fOT;5Dx>Umj[{?f7o1PhFygZRWw\?+ajyXVS&LmZ)L>Yk"cTIRJ$06;qQ\fqX0Z>.dU d]e(=,htKe`n:B$DcC!AWWe~GXJa,wa8l/p hHk;2|:O1bmlC_6c^rP=Db8)ZnE1QCZ6F%Mgn`;jWjcaB?r7k6U- k.{{,zzM6_Aq 7T$l(T1 8p \t The Master can advise but he cannot make a choice for you, he added.Representatives for the spiritual group said the Master has no role in its administration or finances. Funds were then disbursed to other companies controlled by the Dhillons. Well, that. His last appearance was a fleeting presence at the prayer meeting in Delhi following the cremation of Singh brothers' grandmother (Charan Singhs wife). They were remanded to four days police custody. head of Radha Soami Satsang Beas, his family members and Sunil Godhwani, the Satsangs funds manager, to make a killing through shares of Religare; the brothers sell 13.5 million shares at Rs 10 each before the IPO, though they were issued to the public at Rs 185 2008 Japans Daiichi-Sankyo buys out the Singh After resolving the current issues and overcoming the present challenges, we will make all possible efforts to rebound, taking learnings from these difficult circumstances, and continue our entrepreneurial journey in India and be a part of the nation building exercise.". As is Sunil Godwani and a couple of other officials of Religare Enterprises Limited. Dhillons attempt to sell these properties to Blackstone have not materialised so far. His group, the Radha Soami Satsang Beas, says it has more than 4 million followers worldwide. The dues have now ballooned to . Singhs now own a majority of this firm. Dhillon is a cousin of the Singhs mother, and he became a surrogate father to them after the death of their own in the late 1990s. The story of how they managed this is complex and has several gaps. The court had also asked Dhillon and his family members to be personally present in the court on November 14. Hillgrow is run by another senior RSSB functionary & Singhs cousin, Jagatbir Singh Sandhu, as its director and signatory. The debt on Ligare's balance sheet shot up from Rs3.85 crore in 2007 to Rs730 crore in 2010. f X |NA~0'(%?<==$Wp+={Pzs-4;#G7wk-VCM"s9%8!@Nm/p~yy-$JG34U_4fCi D dq36QEFi@v;v")a;NF. On February 16 last year, the Supreme Court had dismissed Singh brothers' appeal against the high court verdict upholding the international arbitral award, saying it was not inclined to interfere with it. By India Today Web Desk: Brothers Malvinder and Shivinder Singh, once successful businessmen who were on Forbes' list of billionaires, are now staring at the prospect of spending at least the next few days in jail. On Friday, a day after they were arrested for alleged diversion of funds and causing a loss of 2,397 crore to Religare Finvest Ltd (RFL), brothers Malvinder Singh and Shivinder Singh, former promoters of Religare Enterprises Ltd, were remanded in four-day Police custody. Many call him a God in human form. The court, in its September order, said the amount which 55 garnishees, including Dhillon family, owe to RHC Holdings should be deposited with the Registrar General of the Delhi High Court within 30 days. The role of Godhwani and Radha Soami Satsang Beas (RSSB), a religious sect and the management who joined the business with Singh brothers are also on the radar. RHC, the holding company, also made personal loans of 5 billion rupees to Dhillon family members, via a network of shell companies, people familiar with the matter said. Meanwhile, industry wonders how much bigger a hole will this dig for the Singhs before they can redeem themselves. Of the remaining Rs7,500 crore, Rs1,750 crore were. IND vs AUS: Why did the Indore pitch offer wicked turn and variable bounce on the morning of Day 1? For reprint rights: The Malvinder, Shivinder Singh story: Why the brothers, once billionaires, are in the dock, Supreme Court threatening to jail the brothers if they don't pay the tribunal award, Shivinder Singh sued Malvinder, accusing him of mismanagement, Sunil Godwani and a couple of other officials of Religare Enterprises Limited, Former Ranbaxy Laboratories CEO Malvinder Singh arrested in Ludhiana, Will see what needs to be done, says Meghalaya CM Conrad Sangma on alliance, Since 2005, have heard sentiments for reform, they havent materialised till date: EAM Jaishankar, PM Modi announces 'Start Up Bridge' between India, Italy, Govt bus driver climbs atop mobile tower to protest against conditions of buses, Early trends show BJP dominates in Tripura, Conrad Sangmas NPP leads in Meghalaya, BJP+ set to retain Tripura, Nagaland; Meghalaya heads towards hung assembly, Hathras rape-murder case: Court acquits 3, holds one guilty, SC directs Sebi to submit probe report in 2 months, sets up expert panel, BJP+ crosses majority mark in Tripura, says 'ready to accept all demands of Tipra Motha', Trends show NDPP-BJP alliance set to retain power in Nagaland, ahead in 39 seats, The Singh brothers used nearly Rs 2,000 crore to pay off taxes and loan repayments, Rs 1,750 crore and Rs 2,230 crore was invested respectively in Religare and Fortis, both companies founded by the brothers, The remaining Rs 2,700 crore was mysteriously transferred to one Gurinder Singh Dhillon and his family. 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