Fortis fight comes to blows: Malvinder Singh accuses Shivinder of assault The Battle between Singh brothers reached a new low with Malvinder Mohan Singh alleging that he was assaulted by his younger brother Shivinder Mohan Singh at their Connaught place office. “Today is December 5, 2018. A little after 6 pm Shivinder Mohan Singh assaulted me at 55, Hanuman road. He physically hit me. He hurt me. He injured me here. He broke this button and bruised me here. He kept threatening me. And, Refused to budge until team here separated him from me,” a visibly shaken Malvinder is seen saying in a half a minute video.

NEW DELHI: A storied business empire has turned into debris over which preside two quarrelling brothers facing probes and various criminal charges. The latest is Religare Finvest, a Religare subsidiary, lodging a criminal complaint with the Economic Offences Wing of the Delhi Police against promoters Malvinder Mohan Singh and Shivinder Mohan Singh. They are accused of cheating, fraud and misappropriation of funds to the tune of Rs 740 crore. This is the sorry decline of a mega business house that had risen up from the ground within a few decades.After Partition, businessman Bhai Mohan Singh came to Delhi from Rawalpindi in Pakistan. He bought a debt-ridden company from his cousins Ranjit Singh and Gurbax Singh, whose first names combined in the name of their company — Ranbaxy . Decades later, it went on to become India's largest pharmaceutical company. Parvinder Singh, the father of Singh brothers , wrested control of the company from his father. The inherited company was later sold by Singh Brothers.The Singh brothers studied at elite Doon School, prestigious St. Stephen's College in Delhi and then Duke University's Fuqua School of Business in the US. They have been known to be suave, sophisticated and savvy businessmen with elite education. After the death of their father Parvinder Singh in 1999, they inherited 33.5% stake in Ranbaxy. They sold Ranbaxy at its peak and got much media attention for the money it fetched. They sold the company to Japanese drug maker Daiichi Sankyo in 2008 for $4.6 billion, out of which $2.4 billion went to them. the sale proceeds was fuelled their ambitions and they invested the money for expansion of Fortis Healthcare and Religare. Within a few years, they turned Fortis Healthcare into the country's largest hospital chain and Religare Enterprises into one of the largest NBFCs.A business empire led by two savvy and hard-working young men started unravelling when the reports of financial wrong-doings started coming out. A substantial part of the proceeds from the Ranbaxy sale was transferred to several family-owned companies. This money is at the centre of probes and controversies, including links to the Radha Soami Satsang Beas, a spiritual sect which is headed by their relative. Singh brothers have been accused of siphoning off Rs 500 crore from Fortis, a publicly-traded company. Amid probes and mounting charges, they had to relinquish control of Fortis and Religare. The brothers face probes by several government agencies including Serious Fraud Investigation Office. Government agencies started probing the brothers' role in the wrong-doings after an internal investigation by law firm Luthra and Luthra found mismanagement of fundsThe Ranbaxy sale had raised eyebrows not just for the huge money it fetched but also for a twist that came after the sale. While Singh brothers were selling Ranbaxy, the company was facing probe by the US Food and Drug Administration and the Department of Justice. It was accused of falsifying data and test results in pending and approved applications. Later, the USFDA banned more than two dozen Ranbaxy drugs from entering the country. Ranbaxy had to pay $500 million in fines and restitution to US authorities as part of a settlement. Daiichi won an award of $550 million at a tribunal in Singapore against Singh brothers for concealing information about USFDA probes. Later, the award was upheld by the Delhi High Court. Before the charges of financial wrong-doings at Fortis and Religare, the Daiichi episode had left a stain on the reputation of Singh brothers.The relationship between the Singh brothers came under pressure after the accusations of financial wong-doings, leading to various allegations and counter-allegations. In September, Shivinder made scathing allegations against elder brother Malvinder and Sunil Godhwani in his petition filed with the National Company Law Tribunal (NCLT). He alleged that Malvinder and Godhwani, the former chief of Religare, colluded to divert Rs 750 crore from Religare Finvest Ltd., a wholly owned subsidiary of Religare, and another Rs 473 crore from Fortis Healthcare to RHC Holding Pvt Ltd., the flagship holding company of the Singh brothers. He also alleged that Malvinder forged the signature of his wife Aditi S Singh in RHC documents.Shivinder alleged that the finances of the company were mismanaged while he had moved out in 2015 to serve full time at the spiritual retreat Radha Soami Satsang Beas. “I took public retirement to my spiritual home, Beas, to serve my Master, in 2015; leaving the thriving company I founded in ‘trusted’ hands and in a period of less than two years, it has moved towards disintegration and ruin of a national healthcare asset,” he said.Later, Shivinder withdrew the petition on the ground that the brothers had agreed to settle things through a mediation by their ailing mother. However, he said, “In the event mediation fails, I intend to reassess and start a fresh action if that is what it takes to address all issues and start afresh.”The feud between the brothers peaked recently when elder brother Malvinder accused Shivinder of physical assault. Malvinder posted a video accusing his brother of hurting, threatening and bruising him. It was a sad reversal since the two brothers were known to be very suave and sophisticated. The video posted by Malvinder showed that the mediation had failed. Reacting to Malvinder's accusation of physical attack, Shivinder said it was sad and shocking to see the chairman of the group resort to such embarrassing tactics. He said he had pulled out of the negotiation process with Malvinder after the latter demanded Rs 1,000 crore for amicable separation.With a never-ending stream of accusations, allegations and formal charges against the brothers and between them, it is unlikely that the brothers will emerge out of the mess anytime soon. Behind them lies a soaring business empire run to the ground in just a few years.