Malvinder gets NCLT notice

The National Company Law Tribunal (NCLT) on Thursday issued notices to Malvinder Mohan Singh, former Religare chief Sunil Godhwani and others, and also directed all to maintain status quo over the shareholding and the composition of the board of holding company RHC Holdings.

By Our Special Correspondent
  • Published 7.09.18
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At LOGGERHEADS: Shivinder Singh & Malvinder Singh

New Delhi: The National Company Law Tribunal (NCLT) on Thursday issued notices to Malvinder Mohan Singh, former Religare chief Sunil Godhwani and others, and also directed all to maintain status quo over the shareholding and the composition of the board of holding company RHC Holdings.

The two-member bench headed by NCLT president Justice M.M. Kumar issued the notices and the orders after hearing a plea filed by Malvinder's younger brother Shivinder who had alleged "oppression and mismanagement" in RHC Holdings, a holding company set up to manage the family businesses in healthcare and financial services.

The tribunal also allowed both the parties - Shivinder and his wife Aditi as well as Malvinder Singh - to inspect documents and take photocopies of the records of RHC Holdings. The four directors of RHC Holdings are the two brothers and their wives.

RHC Holdings has substantive holdings in five family firms - Fortis Healthworld, health sector infotech firm Health Foretech Ltd, Religare Health Trust, financial services firm Dion Global and air charter Ligare Voyages.

"We allow both parties to access, examine records. They can also take photocopies in accordance with law," the tribunal said.

The tribunal also directed Malvinder and other respondents to file their replies within 10 days and sought a rejoinder from Shivinder in two weeks. The NCLT will hear the matter next on October 9.

Earlier this week, Shivinder, who is the former promoter of Fortis Healthcare, had moved the NCLT to remove Malvinder from the board of RHC Holdings alleging "blatant acts of mismanagement" by him and also asked for the reconstitution of the board of the company.

Shivinder had alleged that Malvinder had forged his wife's signature, perpetrated illegal financial transactions and led the company to an unsustainable debt trap.

According to the allegation, Malvinder "forged the signatures" of Aditi Singh, Shivinder's wife, in the documents of RHC Holdings Pvt Ltd, which along with Oscar Investments Ltd jointly owned financial services firm Religare Enterprises Ltd and hospital chain Fortis Healthcare Ltd, the petition alleged.

In the 43-page petition, Shivinder alleged that his wife and managing director of RHC Holdings Aditi Singh's signature was forged on occasions. "There are also instances of the petitioner No 3 (Aditi Singh) being shown as present for a board meeting when she was in fact abroad."