The National Company Law Tribunal (NCLT) on Friday allowed former Fortis Healthcare promoter Shivinder Mohan Singh to withdraw his petition against elder brother Malvinder Mohan Singh and ex-Religare chief Sunil Godhwani.
A two-member bench of NCLT headed by its chairman Justice M M Kumar Friday allowed Shivinder to withdraw his plea.
"The NCLT today granted my request to withdraw the petition of oppression and mismanagement I had filed against my brother Malvinder, and Godhwani. I am indebted to the Court for accepting my request," Shivinder said in a statement.
"The request to withdraw was made after repeated urging by my mother and family that Malvinder and I participate in mediation as a final attempt to resolve amicably the inter se issues between us," he added.
The decision to file the case was made with a very heavy heart and after careful deliberation. The decision to withdraw was weighed equally seriously, Shivinder said.
"I did so because my primary goal remains to address and resolve the group's issues through constructive and transparent engagement with Daiichi Sankyo and our other creditors. It is clear that my brother and I cannot do so together," he added.
"To that end, I intend to use the mediation process to get to a critical decision. Namely, whether my brother or I take full responsibility for resolving the group's issues with Daiichi Sankyo and other lenders," Shivinder said.
He said that in the event mediation fails, he intend to reassess and start a fresh action if that is what it takes to address all issues.
Shivinder said that to allay justifiable scepticism, the decision to disassociate from Malvinder and tread an independent path, stands.
However, a counsel for Religare Enterprises, which was also a respondent in the case, said there were allegations against the company of siphoning off funds by the Singh brothers.
"We want to recover that amount from them," said senior counsel Abhinav Vashistha appearing for Religare. On this, NCLT said, If you wish to initiate any proceedings, move a separate application.
Shivinder had earlier this month filed an application before the Delhi bench of the NCLT alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the interests of the companies and their shareholders.
Passing an interim order over Shivinder's plea, the principal bench of NCLT on September 6 had directed to maintain status quo over the shareholdings and composition of RHC Holding board.
The tribunal had also issued notice to Malvinder along with Godhwani and other respondents over Shivinder's petition alleging "oppression and mismanagement" of RHC Holding.It had also allowed both parties -- Shivinder and his wife Aditi Singh -- and other party Malvinder to inspect documents and take photocopies of the records of RHC Holding.