Shivinder To Rescind Case Against Brother Malvinder, Explore Mediation As Option

Embattled former Fortis Healthcare promoter Shivinder Singh is withdrawing his petition against elder brother Malvinder Singh and family friend Sunil Godhwani alleging mismanagement in the affairs of parent RHC Holdings. The crux of Shivinder’s petition against his elder brother and Godhwani related to their alleged undermining of company and shareholder interests.

It has been reported that a fallout between the ex-Fortis promoters took place long before the present petition filed by younger brother Shivinder. It may be noted that Shivinder quit his position at the company in 2015 and only returned after the Daichii Sankyo and Fortis controversies.

An arbitration tribunal had earlier directed the Singh brothers to pay Rs 3,500 crore in damages to Daichii Sankyo after it emerged that the brothers had made fraudulent misrepresentations and concealed material facts at the time of selling their stake in Ranbaxy to the Japanese company. In respect of Fortis, it has been alleged that the brothers indulged in financial irregularities and fraud.

Presently, it is reported that recourse to mediation has been taken on the advice of the brothers’ mother and that in the event of the same failing, Shivinder reserves his right to refile the petition.