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malvinder & shivinder singh took rs 5 bn out of fortis without board nod




india's tycoon singh brothers took at least rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago, people with knowledge of the matter said. the funds were reported on the balance sheet of fortis healthcare ltd as cash and cash eq...



malvinder singh and shivinder singh quit fortis healthcare board




fortis healthcare promoters malvinder mohan singh and shivinder mohan singh announced late on thursday their decision to resign from the board of the hospital chain. this follows a recent delhi high court decision to enforce a rs 35 billion arbitration award, given by a singapore tribunal and won by...



how malvinder and shivinder singh burned through $2 bn for their guru




along the river beas in north india sits a sprawling spiritual commune that's somewhere between a traditional ashram and a florida gated community. there's a grand meeting hall with tiered spires and pearl domes, but also tract housing and an american-style supermarket. it's home to 8,000 devotees o...



how malvinder and shivinder singh burned through $2 bn for their guru




along the river beas in north india sits a sprawling spiritual commune that's somewhere between a traditional ashram and a florida gated community. there's a grand meeting hall with tiered spires and pearl domes, but also tract housing and an american-style supermarket. it's home to 8,000 devotees o...



malvinder singh's contract under fortis healthcare board scanner




fortis healthcare board, which met on monday to approve its fourth quarter and financial year results, may soon take a call on the employment contract of erstwhile promoter and executive chairman malvinder singh. sources claimed that the newly-constituted board may be discontinuing the employment of...



how the distressing spiral of malvinder and shivinder singh came to be




what do you get when two brothers, third-generation scions of a business house with a solid reputation, exit their stake in their flagship company for $2.4 billion? such inheritors who leverage cash, industry know-how and pedigree to step bravely into the future would be the ideal answer. however, t...



how the distressing spiral of malvinder and shivinder singh came to be




what do you get when two brothers, third-generation scions of a business house with a solid reputation, exit their stake in their flagship company for $2.4 billion? such inheritors who leverage cash, industry know-how and pedigree to step bravely into the future would be the ideal answer. however, t...



delhi hc freezes malvinder, shivinder singh's accounts; fortis egm on track




the delhi high court on friday asked brothers malvinder and shivinder singh, erstwhile promoters of fortis healthcare ltd (fhl), not to sell any assets without the court's approval. the court also froze the brothers' bank accounts and asked them to disclose all transactions (including gifts) in the ...



hc order on daiichi arbitration: fortis accepts singh brothers' resignation




fortis healthcare said its board has accepted the resignations of promoters malvinder mohan singh and shivinder mohan singh. the board of directors of the company accepted the resignations of malvinder, executive chairman and shivinder, non-executive vice chairman, with effect from february 8, 2018,...



fortis case: sc allows financial institutions to sell pledged shares




the supreme court today said the financial institutions with whom shares of fortis healthcare limited were pledged, can be sold or transferred by them. the apex court clarified an earlier order while hearing an appeal of japanese firm daiichi sankyo company limited, which is seeking to enforce the r...



singh brothers demand dues write-off in lieu of fortis brand




as the new board of crisis-hit health care major fortis healthcare (fhl) is engaged in a closed-door marathon meeting to approve the company’s fourth quarter (q4) and financial year results over two days, the erstwhile promoters of the hospital major are trying to extract value out of the fortis b...



ugly face of capitalism: singh brothers do india's reputation no favour




it speaks volumes for the reputation of malvinder and shivinder singh, promoters of fortis healthcare and religare enterprises, that shares of both the companies soared following news that the brothers had stepped down from the board of the former. the two, respectively chairman and executive vice-c...



fortis to seek shareholders nod for stake sale to malaysia's ihh on aug 13




fortis healthcare on thursday said extraordinary general meeting (egm) of the company will be held on august 13 to seek shareholders nod for its acquisition by malaysia's ihh healthcare. last week, fortis healthcare board had approved a rs 40 billion offer from ihh healthcare for 31.1 per cent stake...



billionaire singh brothers accused by investor of siphoning money




 india's billionaire singh brothers, already embroiled in one international legal battle over alleged fraud, are being accused of "diversion, siphoning and digression of assets" by a new york-based investor in a lawsuit filed in the high court of delhi.the lending arm of malvinder and shivinder sin...



fortis dispute: you can't take court for a ride, hc tells singh brothers




delhi high court has asked brothers malvinder and shivinder singh to personally appear in the court on august 10 to explain the reasons for discrepancies in their statements over holdings in fortis healthcare. this would be the first time the singh brothers have been summoned to court in this matter...



the billionaires and the guru: how a family burned through $2.7 billion




gurinder singh dillon.photo: suppliedall members of the spiritual commune, including the guru, are expected to support themselves financially, and the sect's representatives said the master's business dealings are a personal matter separate from his role at the spiritual group.the singhs' downfall c...



dai-ichi kakaria shares rises after hc's decision favouring daiichi sankyo




the delhi high court’s decision favouring daiichi sankyo in its $500-million dispute with ranbaxy promoters malvinder and shivinder singh lifted the fortunes of namesake dai-ichi karkaria, a bse-listed firm with no connection to the japanese pharma company. as soon as the court verdict was announc...



news digest: ltcg tax, air india loss, renewable energy projects, and more




we bite the bullet on difficult decisions: fm jaitley on ltcg tax finance minister arun jaitley on thursday strongly defended the imposition of the long-term capital gains (ltcg) tax on listed stocks, saying the budget proposal was to tax the wealthiest sections of society. he also said that the bud...



the fortis saga: all you wanted to know about the twists and turns




tomorrow, may 22, will see an extraordinary general meeting called by minority shareholders of fortis healthcare to seek the ouster of one board member, since three others -- harpal singh, father-in-law of malvinder mohan singh, sabina vaisoha and lt gen tejinder singh shergill -- have already resig...



daiichi-ranbaxy row: hc asks singh brothers to divulge foreign bank details




the delhi high court on wednesday directed former promoters of india's ranbaxy laboratories ltd, malvinder and shivinder singh, to disclose their bank accounts and assets overseas in a case related to the execution of the rs 35 billion arbitral award won by japanese pharma major daiichi sankyo. just...



why the billionaire singh brothers could be entering endgame phase




two meetings of the boards of directors this week, of fortis healthcare and religare enterprises, will be in the spotlight, given their promoters’ recent brush with legal and regulatory issues. for the billionaire singh brothers, malvinder and shivinder, former promoters of pharmaceutical major ra...



news digest: benami properties, global funds, motorcycles sales, and more




1. benami properties of rs 43 bn attached; jaipur and mumbai top the list the income-tax (i-t) department has attached over 1,500 unaccounted properties worth rs 43 billion across the country within one and a half years of the introduction of the revised benami legislation. jaipur and mumbai top the...



victory for daiichi as delhi hc decrees enforcement of $ 500m arbitral award vs




want create site? find free wordpress themes and plugins.the delhi high court on wednesday (january 31) allowed daiichi sankyo’s plea against former ranbaxy owners malvinder and shivinder singh and enforced a rs 3562 crore ($ 500 million) arbitral award. this was a major victory for the japan-ba...



fortis shareholders vote in favour of ousting brian tempest from co's board




an overwhelming 88 per cent of fortis shareholders voted in favour of a resolution to remove brian tempest, the last of the four old directors, from the board of the hospital chain and unanimously confirmed the appointment of three new independent directors at extraordinary general meeting on tuesda...



fortis under sebi scanner after singh brothers 'take out' rs 4.73 billion




market regulator sebi on saturday said it is examining the issues surrounding fortis healthcare, which has landed in a controversy over alleged regulatory lapses in transfer of funds to some promoter-linked firms. "we are examining the fortis issue," sebi chairman ajay tyagi told reporters after a b...