BackMalvinder Singh claims Radha Soami chief Dhillon, family owe him ₹1,473 crore
In the affidavit filed before HC, Singh alleged that the Dhillon family took loans from him over a 10-year period till 2016
PremiumFormer Fortis Healthcare promoter Malvinder Singh has filed an affidavit in the Delhi high court alleging that Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas, and his family, owe him ₹1,473 crore, lent to them over a 10-year period till 2016.
In the affidavit filed on 13 August, Singh alleged that over 2007-12 the Dhillon family took loans totalling ₹578 crore from RHC Holding Pvt. Ltd and Todays Holdings, both funded by him and his brother Shivinder Singh.
To repay the loans, the Dhillons took ₹489 crore from Best Group firms, including Fern Healthcare, Best Healthcare, Adept Creation, Best Cure and Modland Wears, which were owned by Dhillon’s associates, as per the affidavit. However, in 2017, Shivinder bought Best Group from Dhillon’s associates without due diligence, misusing his relationship with him, Malvinder Singh alleged.
“In this regard, it is apposite to mention that in and around December 2017, Shivinder Mohan Singh, while misusing his position in the answering respondent (Malvinder) and concealing the precarious financial health of the companies under the Best Group, initiated the process to acquire and take over the aforesaid companies through the answering respondent, without any due diligence. Shivinder Singh misrepresented that this takeover was profitable."
In October-November 2018, the auditors said the companies were in fact debt-ridden.
The companies extended financial facilities to either Gurinder Dhillon, his family members, his close associates or the companies owned, controlled or managed by the Dhillon family.
Singh’s affidavit adds a twist to the case involving the Singh brothers, and the repayment of ₹3,500 crore in arbitration award to Japanese drug major Daiichi Sankyo Co. Ltd.
In 2016, a Singapore tribunal asked the Singh brothers to pay ₹2,600 crore to Daiichi Sankyo in a case involving Ranbaxy Laboratories’ regulatory issues. The dues have now ballooned to ₹3,500 crore, including interest.
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