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Feuding Singh Brothers Asked To Maintain Status Quo By NCLT
Malvinder Mohan Singh and Shivinder Mohan Singh ((Photo by Ramesh Sharma/India Today Group/Getty Images)
The National Company Law Tribunal (NCLT) has asked the Singh brothers, Malvinder and Shivinder, to maintain status quo in respect of their stakes in the holding company RHC Holding Pvt Ltd.
The direction by the NCLT comes on the back of Shivinder’s allegation of oppression and mismanagement against elder brother Malvinder and family friend Sunil Godhwani. The feud between the brothers has broken out in public subsequent to the mounting woes in Fortis and allegations of fraud in the sale of Ranbaxy Laboratories to Japanese company Daichii Sankyo.
Shivinder has reportedly alleged that his elder brother and Godhwani have acted in a manner adverse to the interests of the holding company and created a ‘debt trap’. Excessive leveraging has led to subsidiary companies like Religare and Fortis being placed under severe financial pressure and it has been further alleged that the actions of Malvinder and Godhwani have “destroyed a company worth Rs. 5,000 crore”.
The NCLT, in addition to its directions on maintaining status quo, has also allowed Shivinder access to RHC’s records for the purposes of inspection.
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