On the petition filed by Fortis co-founder Shivinder Mohan Singh against his brother Malvinder Mohan Singh and Religare Enterprises chairman and managing director Sunil Godhwani alleging oppression and mismanagement of RHC Holding, Religare and Fortis by the two, the National Company Law Tribunal (NCLT) on Thursday issued a notice and fixed the next hearing date on October 9.
"The collective, ongoing, actions of Malvinder and Godhwani had led to a systematic undermining of the interests of the companies and their shareholders as also the committed and loyal employees of the group," Shivinder had said on Tuesday
In 2012, when Japanese pharma major Daiichi Sankyo started a Rs 3,500-crore arbitration proceeding in Singapore against Ranbaxy Laboratories Ltd, the Singh brothers were under the scanner as the court voted in favour of the Sankyo.
The brothers remained under the scanner, despite challenging the order.
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.
"While the group businesses were in “competent” hands, red flags have