NCLT orders status quo on the dispute between Malvinder Singh and Shivinder Singh

By: |
New Delhi | September 07, 2018 6:13 AM

NCLT on Thursday issued notices to Malvinder Singh, ex-Religare chief Sunil Godhwani and others.

ranbaxy, nclt, malvinder singhThe matter will next come up for hearing on October 9.

The National Company Law Tribunal (NCLT) on Thursday issued notices to Malvinder Singh, ex-Religare chief Sunil Godhwani and others, and also directed that status quo be maintained over the shareholdings and composition of the RHC Holdings board till it decides on the plea of younger brother Shivinder Singh, alleging oppression and mismanagement of RHC Holdings.

The tribunal also allowed both parties, Shivinder Singh and his wife Aditi Singh, and other party Malvinder Singh to inspect documents and take photocopies of the records of RHC Holdings.

The tribunal also directed Malvinder Singh and other respondents to file their replies within 10 days and sought rejoinder from Shivinder Singh in two weeks.

The matter will next come up for hearing on October 9.

Shivinder Singh, who is a former promoter of Fortis Healthcare, had moved NCLT to remove his elder brother Malvinder from the board of RHC Holdings, alleging blatant acts of mismanagement by him and also asked to reconstitute the board of the company. He has alleged illegal and unlawful manipulation of records of RHC Holdings including the forging of the signature of his wife Aditi Singh, while asking the NCLT to declare that Malvinder and ex-Religare chief Sunil Godhwani caused grave prejudice to the interest of the company by acting in collusion with each other.

Shivinder has also requested the tribunal to allow him or his authorised representatives to inspect the statutory records of RHC Holdings and taking copies thereof. He has also asked for restraining his elder brother from transferring, selling, alienating or creating any third party rights or interests over the assets of RHC Holdings.

The petition filed through law firm RRG & Associates also urged NCLT to direct Malvinder “to return the funds unlawfully taken from Fortis Healthcare and Religare Enterprises”.

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