Former Fortis Healthcare promoter Shivinder Mohan Singh has filed a court case against his brother Malvinder Singh and family friend Sunil Godhwani for mismanagement of the company and putting it into a trap of debts. Shivinder also alleged that his brother forged his wife’s signature to conduct perpetrated illegal financial transactions.
Shivinder filed a petition to the National Company Law Tribunal (NCLT) in New Delhi and sued Malvinder for oppression and mismanagement of their companies.
The hearing for the petition is likely to be held on Thursday against charges on Malvinder and former Chairman of Religare Enterprises Ltd. Sunil Godhwani for putting the company in a debt trap and acting prejudicially to the interests of its creditors and shareholders.
Malvinder forged the signatures of Shivinder’s wife Aditi Singh in the documents of RHC Holdings Pvt. Ltd. which along with Oscas Investments Ltd. jointly owned financial services firm Religare Enterprises Ltd. and hospital chain Fortis Healthcare Ltd., it said.
Malvinder and Godhwani "used their respective positions to perpetrate or cause others to perpetrate illegal financial transactions and various acts of mismanagement by and through RHC, leading to massive losses to RHC and its subsidiaries, and a depletion of the wealth," the petition said.
“This action was long overdue but got delayed in the fond hope that better sense shall eventually prevail and another ugly chapter of family feud would not be written in the glorious history of our family business,” Singh said in a press statement on Tuesday night.