The unravelling of one of India’s most storied business empires has caused a rupture in its founding family, with one of the Singh brothers saying he has sued the other for "oppression and mismanagement" of their companies.
Shivinder Singh said he filed a case with India’s National Company Law Tribunal against his elder brother Malvinder and Sunil Godhwani, former chairman of Religare Enterprises, the financial services company the brothers used to control.
Mr Shivinder claims Mr Malvinder and Mr Godhwani were to blame for “a systematic undermining of the interests of the companies and their shareholders”. Mr Malvinder, 45, and Mr Godhwani could not be reached for comment.
“I am now disassociating from my brother as a business partner and will be pursuing an independent path,” Mr Shivinder, 43, said on Monday. "I can no longer be party to activities in which transparency and ethics are continuously and consistently negated."
Heirs to a generations-old business house once worth billions, the brothers have in recent months seen a dramatic fall in their fortunes. They’ve had their public shareholdings seized by lenders and are under a criminal probe by financial authorities over $321 million (Dh1.17bn) missing from their listed companies. They owe $500m over fraud allegations related to the 2008 sale of drug maker Ranbaxy Laboratories.
The brothers have denied any wrongdoing.
Last month, news broke of the business links between the brothers and Gurinder Singh Dhillon, head of a spiritual sect in North India called the Radha Soami Satsang Beas.
These included loans to Mr Dhillon’s family and companies controlled by them, which were found to be a key financial strain on their empire. Mr Dhillon has not been accused of any wrongdoing.
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Mr Shivinder said he filed the case against his brother and Mr Godhwani after media articles.
"Attempts to pass the buck to an eminent figure, who has been a guiding light not only to our family but also to a large section of the public, deceives no one," Mr Shivinder said. He said Malvinder was chairman of their corporate group and made decisions on behalf of the family, while he was "the publicly supportive younger brother".
The Singhs are famous in India for expanding their two public firms, hospital operator Fortis Healthcare and financial firm Religare, at breakneck speed after reaping $2bn from the sale of Ranbaxy, then India’s largest drug maker. Both companies went on to top $1bn in market value as India’s demand for health and financial services surged.
India’s stock market and fraud regulators have launched investigations into financial irregularities at Religare and Fortis, although they are yet to report their findings. In July, Malaysia’s IHH Healthcare agreed to take control of Fortis and minority shareholders have taken over at Religare.
The Singhs resigned from their posts at Fortis in February. They have lost almost all of their shareholdings in Fortis and Religare as their lenders called in unpaid debts.
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The%20specs
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Company%20Profile
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Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
ARGYLLE
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Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE
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List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Company%20profile
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Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
