India News

Fortis ex-owner Shivinder sues elder brother Malvinder

New Delhi

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

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.

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

Shivinder, who took “public retirement” and settled in Beas in 2015, said decisions taken in Religare’s NBFC arm, the transaction and subsequent management of the sale of the group’s then flagship Ranbaxy to Daiichi and the unimaginable losses accumulated in running a private charter airline business Ligare aviation show that the “malaise is systemic”.

He further said, “Sensitivity to the family business’ reputation has refrained me from making any public or private statements despite my family’s and my personal trauma. My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility.”