New Delhi: Former Ranbaxy Laboratories Ltd promoter and Fortis Healthcare Ltd co-founder Shivinder Singh said on Friday that he intends to use the “mediation process” to amicably resolve differences with his brother Malvinder Singh but that his decision to “disassociate” from his brother stands.
Shivinder Singh withdrew his petition against Malvinder Singh from the National Company Law Tribunal on Thursday after their mother and other elder family members stepped in.
“To allay justifiable skepticism, let me be clear: The decision to disassociate from my brother and tread an independent path stands,” Shivinder Singh said.
In case mediation doesn’t work, he said he intends to reassess and refile a case against Malvinder Singh.
“It is clear that my brother and I cannot do so (business) together. 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,” he added.
People close to the Singh family said elders in the family were trying to resolve the issues between the brothers concerning the management of RHC Holding Pvt Ltd, a family holding company, and other liabilities, including a $500 million arbitration award to Japan’s Daiichi Sankyo Co Ltd over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories.
In a statement on 4 September, Shivinder Singh distanced himself from alleged irregularities and decisions taken in the past two years at the Fortis Healthcare hospital chain.
He also sought to dissociate himself from his elder brother, saying that he had “all along been the publicly supportive younger brother to Malvinder’s chairmanship of the group, who took decisions on behalf of the family”.
“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. 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,” he said.
Shivinder Singh had questioned decisions taken in Religare Enterprises Ltd’s non-baking financial arm, and the transaction and subsequent management of the sale of the group’s then flagship Ranbaxy to Daiichi Sankyo.
“All these only go to show that the malaise is systemic,” he said, adding that “the damage caused was irreparable.”
source : livemint