They say Godhwani was also in charge of their holding company, RHC Holding Pvt., and often took decisions without informing them. They’re less generous to another follower of the spiritual group, Sunil Godhwani, whom they say was appointed to lead Religare at Dhillon’s recommendation. “He has only ever acted out of love and has only ever had their best interests at heart.” Dhillon is their spiritual Master,” the brothers wrote. “Malvinder and Shivinder are unequivocal about this: Mr. The brothers acknowledge having financial ties to Dhillon, and in written comments said they are in dialogue with the Dhillon family and its companies to address the money owed to them.īut they also said it would be “untrue” to suggest that the guru was a cause of their group’s financial troubles. Malvinder, 45, and Shivinder, 43, haven’t been charged with any crimes. Less known is the massive debt they took on to do so, all while they were financing a real-estate portfolio largely owned by their guru’s family. and financial firm Religare Enterprises Ltd.-at breakneck speed after reaping $2 billion from the Ranbaxy sale. The Singhs are famous for expanding their two public firms – hospital operator Fortis Healthcare Ltd. “Legitimate business people may not want to come to India.” “This opacity makes for risk,” said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. But the brothers’ story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce.
The Singhs’ downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the world’s fastest growing major economy. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. They’re under a criminal probe by financial authorities over Rs 2300 crore missing from their listed companies.
They’ve had their public shareholdings seized by lenders. Heirs to a generations-old business house once worth billions, the brothers have in the last six months seen a dramatic fall in their fortunes. Some of those outlays were financed with money borrowed from the Singhs’ listed companies, and when combined with other Singh investments gone bad threw their empire into a debt spiral, a Bloomberg News analysis of public records and interviews with 10 people familiar with the finances of both camps showed. Over the years, the brothers’ main holding company loaned about Rs 2500 crore ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter.
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