Home / Healthcare/ Fortis Healthcare’s Shivinder Singh sues brother, breaks business ties

Fortis Healthcare’s Shivinder Singh sues brother, breaks business ties


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 6 September 2018 00:00

Facebook

FILE PHOTO: Fortis Healthcare Chairman Malivnder 

Singh (R) answers a question as his brother and Managing Director Shivinder Singh sits next to him during a news 

conference in Singapore – REUTERS

 

(Reuters): Fortis Healthcare Ltd. Co-founder Shivinder Singh said on Tuesday he had filed a lawsuit against older brother Malvinder Singh, alleging “oppression and mismanagement” at their joint businesses.

Shivinder, who has decided to break business ties with his sibling, said the case, which also accuses former chief of financial services firm Religare Enterprises Sunil Godhwani, was filed in the National Company Law Tribunal, a quasi-judicial body for corporate governances.

The case comes in the wake of financial troubles at the group businesses RHC Holding, Religare Enterprises and hospital chain Fortis Healthcare.

“The collective, ongoing, actions of Malvinder and Sunil Godhwani led to a systematic undermining of the interests of the companies and their shareholders,” Singh said in a statement.

Reuters could not reach Malvinder Singh and Godhwani for comment, while Fortis did not immediately respond to a request for comment outside regular business hours.

Fortis, which operates about 30 private hospitals in India, accepted an investment offer from Malaysia’s IHH Healthcare Bhd in July, ending months of speculation over control of the company.

The two brothers, who now own less than 1 percent of Fortis, have denied allegations that they siphoned funds from the hospital operator.

The brothers also sold their controlling stake in drugmaker Ranbaxy Laboratories, founded by their family, to Japan’s Daiichi Sankyo Co in 2008.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Our Cricket Board simply cannot deliver – why not they all quit honourably?

Tuesday, 18 June 2019

“It is necessary, therefore, for the Government to pay serious attention to the doings of Sri Lanka Cricket [board] and take immediate action to lift their game for the progress of our glorious game.” Question for Sri Lanka Cricket (board) Sri La


Yesterday Tamils, today Muslims and tomorrow who?

Tuesday, 18 June 2019

From the time of S.W.R.D. Bandaranaike’s election victory in 1956, one and only one issue had dominated political party campaigns in this country; and that was communalism. The Tamil community was the main focus of these campaigns for over 50 years


Those who go by social proof are easy prey to crafty schemers

Monday, 17 June 2019

Going after social proof Swiss writer and novelist, Rolf Dobelli, in one of the essays in his 2013 book ‘The Art of Thinking Clearly’, has given a fine warning to his readers. He has warned against going by ‘social proof’ or ‘majority view


Poson ponderings on positional power: ‘Authority vested’ vs. ‘authority wasted’

Monday, 17 June 2019

We witnessed a serene Poson Poya, in a far more improved security setting in Sri Lanka. Whilst the Sri Lankan life slowly returning to normal, political fronts do not appear to show the same. Has the political power become the people ‘pava’ (sin)


Columnists More