Shivinder moves NCLT to withdraw case against Malvinder

Last Updated: Fri, Sep 14, 2018 13:33 hrs
Malvinder Mohan Singh, chairman of Religare Enterprises Ltd. (Image Courtesy: Bloomberg)

New Delhi: Former Fortis Healthcare promoter Shivinder Mohan Singh has urged the National Company Law Tribunal (NCLT) to allow withdrawal of his case filed against older brother Malvinder Mohan Singh as per the wishes of their mother.

"... the mother of Petitioner No. 2 (Shivinder) and Respondent No. 2 (Malvinder) has requested both her sons to engage in mediation led by family elders... to settle inter se the issues between them," the withdrawal petition filed on Wednesday said.

Shivinder Singh had this month filed a suit in NCLT, a quasi-judicial body for corporate governance, alleging "oppression and mismanagement" in their joint businesses against Malvinder and former Religare Group CEO Sunil Godhwani.

"... out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the petitioners wish to withdraw the captioned petition," read the NCLT filing.

On September 4, Shivinder, his wife Aditi and their company Shivi Holdings filed a case in the NCLT against Malvinder and Godhwani, alleging mismanagement of RHC Holdings, including embezzlement of funds and forgery, which led the group into a debt trap.

Shivinder had claimed that the collective, ongoing actions of Malvinder and Godhwani had led to a systematic undermining of the interests of the companies and their shareholders as also the committed and loyal employees of the group.

The Singh brothers, who have equal stakes in RHC Holdings, have lost their control of Fortis Healthcare and Religare Enterprises after lenders converted pledged shares.