Gurinder Singh Dhillon, spiritual head of Radha Saomi Satsang Beas. 'Gurinder Singh Dhillon used funds from Ranbaxy stake sale to buy real estate' 1 min read . Updated: 06 Mar 2019, 12:54 AM IST Teena Thacker Malvinder Singh alleges that part of the proceeds from Ranbaxy stake sale were used by the head of Radha Saomi Satsang Beas to buy real estate RHC Holdings, the holding company controlled by Singh brothers, made loans worth ₹5,482 crore to Dhillon's family Lok Sabha Elections 2019 Brexit Mutual Funds Trade Wars NBFC crisis Mark To Market 5G Tech Jet A HOME LATEST TRENDING MY READS 99+
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Gurinder Singh Dhillon, spiritual head of RadhaSaomi Satsang Beas.
'Gurinder SinghDhillon used fundsfrom Ranbaxy stakesale to buy real estate'1 min read . Updated: 06 Mar 2019, 12:54 AM IST
Teena Thacker
Malvinder Singh alleges that part ofthe proceeds from Ranbaxy stake salewere used by the head of Radha SaomiSatsang Beas to buy real estate
RHC Holdings, the holding companycontrolled by Singh brothers, madeloans worth ₹5,482 crore to Dhillon'sfamily
Lok Sabha Elections 2019 Brexit Mutual Funds Trade Wars NBFC crisis Mark To Market 5G Tech Jet Airways Crisis
New Delhi:New Delhi: BusinessmanMalvinder Singh has alleged thatpart of the proceeds from the stakesale in Ranbaxy Laboratories Ltdwas used by Gurinder SinghDhillon, the spiritual head of RadhaSoami Satsang Beas, to buy realestate.
RHC Holding Pvt. Ltd, the holdingcompany controlled by brothersMalvinder and Shivinder Singh,made loans worth ₹5,482 crore to
Dhillon’s family members, theirassociates or entities controlled bythem, and a majority of these wasused to purchase bungalows,farmhouses and buildings,according to the complaint filed by
Malvinder Singh with the EconomicOffences Wing of Delhi Police inFebruary.
Malvinder Singh, who along with brother ShivinderSingh are the eastwhile promoters of Fortis HealthcareLtd.
Dhillon invested in commercialproperties, including a prime260,000 sq. ft land in Delhi (nearthe Select Citywalk mall), 80,000sq.ft of property in Ahmedabad,500,000 sq.ft of land in Noida, threefarmhouses in Asola and 20 acres ofland in Gurgaon, Malvinder Singhalleged.
Malvinder Singh and his brotherShivinder Singh have been accusedof financial mismanagement by lawfirm Luthra and Luthra, which hadinvestigated Fortis Healthcare Ltd’sbooks.
Subsidiaries of RHC Holding hadlent funds to Prius Real Estate Pvt.Ltd, previously owned by Dhillon’swife, Shabnam Dhillon, and hisclose associate Yuvraj NarainGorwaney, two people familiar withthe developments said. The sameentity was later owned by Dhillon’sconfidants—Rajveer Singh andGurpreet Sodhi. However, the entityhas now moved to two trusts,Jamuntree and Grace Trust.
Also read:Also read: Brothers Singh and thesquandering of a business empire
“When the money went from RHCto Prius Real Estate, it was ownedand controlled by the Dhillonfamily and these decisions weredirectly taken by Sunil Godhwani ashe was running RHC," one of thetwo people close to MalvinderSingh and his brother said oncondition of anonymity.
Emails sent to Dhillon andGodhwani did not elicit a responsetill press time.
In his complaint, Malvinder Singhshared emails showing that thebrothers had given financialadvances to Dhillon, his entitiesand family.
Monika Halan emphasises on financialindependence for women and howthey can start building theirinvestment portfolio. Start with goldand FDs and build on from that, shesays. If choosing mutual funds, consulta financial planner to design aportfolio that suits you best, she adds.Also, "don't give up your financialindependence at any cost". MonikaHalan is consulting editor, Mint, andauthor of 'Let's Talk Money'
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