Singh Brother Feud: How Recent Developments may end all TIES

NEW DELHI: Both the former Fortis and Ranbaxy promoters, the Singh brothers who reportedly came to blows, on Friday accused each other of assault in the latest turn to their ongoing feud.

While the younger brother Shivinder Singh said the latest incident closes all options for any possible solution to work together with his elder sibling Malvinder Singh.

Malvinder on his part said this simply reinforces the fact that Shivinder is not equipped to handle professional situations but instead is a hindrance in recovering dues owed to the group.

In the latest twist to their ongoing corporate battle, Malvinder Singh in a video circulated on social media had claimed that he was hit by Shivinder.

The incident reportedly happened Wednesday as Shivinder was trying to disrupt the board meeting of a group company, Prius Real Estate, which he claimed has lent around Rs 2,000 crore to companies owned by Gurinder Singh Dhillon and his family.

The younger brother in a statement denied the claim stating, "This is false and a shameless attempt to cast doubt on my integrity."

Shivinder further said, "It has been clear to me for some time that Malvinder and I cannot work together. The gulf between our value systems is clearly too wide. This latest incident closes all options for any possible solution to work together."

Putting out his side of the incident, Shivinder said on December 5, he visited "our office for a scheduled extraordinary general meeting (EGM). On arriving, I was concerned to find out that one of the directors had left the ongoing board meeting due to unnecessary intimidating tactics being adopted by the (only) other board member, Malvinder's relative".

Shivinder further said, "It appeared that Malvinder was trying to coerce some employees to video record statements under duress. Concerned for the well-being of the employees I entered the room to understand what was going on. Angered on seeing him there", he added.

"Malvinder attempted to forcibly restrain me and pinned me to the wall choking me. I tried to push him away in self-defence, "Shivinder said. He said that he even made a made a police complaint, which was later withdrawn following the intervention of the family to keep issues private.

Putting out his side of the event, Malvinder Singh in a statement said: "Shivinder who is neither a Director, Employee nor Shareholder in a particular company came to the venue with an intention to disrupt a critical Board meeting of the said company. After hearing about the disruption I came to the venue to understand the situation. While I was trying to understand the situation with the members present, he forced himself into the room and physically assaulted me," Malvinder said.

Saying that after the assault he was shaken and nervous, Malvinder said: "I went to the police station to lodge my complaint. Seeing my condition I was rushed to Ram Manohar Lohia hospital by the police authorities. I am now recovering from the pain and shock of the incident."

On the intervention of family and in view of Shivinder's apology, "I withdrew the police complaint lodged by me," he added.

Malvinder further stated that contrary press release issued belatedly are mere attempts to cover up uncouth and unbecoming behaviour.

"This simply reinforces the fact that Shivinder is not equipped to handle professional situations but instead is a hindrance in recovering dues owed to the group," he added.

The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare and Ranbaxy, went sour after allegations of fund diversion from the healthcare chain emerged.

It reportedly aggravated further overpayment of the arbitration award to Daiichi Sankyo.

Shivinder had offered to pay his share of the Rs 3,500 crore award to the Japanese drugmaker in a dispute related to the acquisition of Ranbaxy Laboratories.

Earlier in September this year, Shivinder had filed a petition before the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and ex-Religare chief Sunil Godhwani led to a systemic undermining of the interests of the companies and their shareholders.

He had also alleged that his elder brother Malvinder forged his wife's signature, perpetrated illegal financial transactions and led the company into an unsustainable debt trap.

Later, on September 14, the petition was withdrawn by Shivinder from NCLT on his mother's advice.