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    Here's how Ranbaxy and Fortis affected Singh brothers wealth

    Here's how Ranbaxy and Fortis affected Singh brothers wealth

    Here's how Ranbaxy and Fortis affected Singh brothers wealth
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    By Nidhi Chugh   IST (Updated)

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    In 2011, when Singh brothers were relentless in their efforts to make Fortis Healthcare a global player, they had a valuation of $3.2 billion and in March 2012, they achieved their highest-ever net worth of $3.5 billion.

    Adding to the controversies related to Fortis Healthcare, co-founder Shivinder Singh filed a case in the National Company Law Tribunal (NCLT) on Tuesday for oppression and mismanagement in RHC Holding, Religare and Fortis against his brother Malvinder Singh and former colleague Sunil Godhwani.
    "While the group businesses were in “competent” hands, red flags have crept up in the group with disturbing regularity," Shivinder wrote in a letter to the media after filing a case against his brother.
    In 2011, when Singh brothers were relentless in their efforts to make Fortis Healthcare a global player, they had a valuation of $3.2 billion and in March 2012, they achieved their highest-ever net worth of $3.5 billion.
    But in 2012, when Japanese pharma major Daiichi Sankyo started arbitration proceedings in Singapore against Ranbaxy Laboratories, Singh brothers net worth slipped from $3 billion to $2.1 billion in 2013.
    Soon after Singh brothers challenged the allegations against them in Singapore tribunal, their net worth surged slightly by just $2 million, to $2.3 billion in 2014.
    As the Ranbaxy Laboratories case unfolded, more controversies related to the healthcare leaders came to surface and their net worth slipped to $1 billion mark.
    In 2016, Singh brothers were among the richest Indian businessmen on the Forbes list with a net worth of $1.4 billion, but were dropped off from overall billionaire's list.
    In 2017, Singh brothers were dropped off from the list completely.
    Adding insult to the injury, in February 2018, the Delhi High Court supported the decision taken by the Singapore Court of Appeal and directed the Singh brothers to pay Rs 3,500 crore as fine to the Japanese drug firm.
    Later, there were reports alleging that the Singh brothers took Rs 473 crore from their publically listed company, Fortis Healthcare, without the board approval. However, Singh brothers denied the allegation.
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