Well, the financial irregularities surrounding the guru of Radha Soami Satsang Beas, Gurinder Singh Dhillon, (a criminal complaint has been filed against him) appear to be reaching the Supreme Court of India.
The court has asked Malivinder and Shivinder Singh, cousins of the guru who are enmeshed in his massive monetary dealings, to appear on March 14 to answer questions about what happened to 4,000 crore rupees Fortis Healthcare got from Malaysia's IHH Healthcare. Rs 4000 crore is about $574 million.
India's Business Today has a story about the Supreme Court hearing, "SC take note! Singh brothers can pay off $500 million to Daiichi, provided the money is recovered."
Gurinder Singh Dhillon features prominently in the story. I've boldfaced mentions of him.
Singh brothers are due to appear before the Supreme Court of India this Thursday in a case filed by Japan's Daiichi Sankyo to explain sale of Fortis Healthcare to IHH and possible contempt proceedings. Daiichi is enforcing an arbitration order in Singapore that requires the brothers to compensate Daiichi with $500 million (approximately Rs 3,500 crore) for alleged non-disclosure of crucial information during the sale of Ranbaxy Laboratories to Daiichi.
Days before the hearing, fund transfer details accessed by BusinessToday.In provide the most exact picture of the flow of money from Singh brothers to entities owned and controlled by Gurinder Singh Dhillon - the head of the Radha Soami Satsang Beas - his family and RSSB associates. Enforcing a repayment of the outstanding money could easily get Singh brothers off the hook by paying off the liabilities towards Daiichi at least.
RoC filings and terms sheets indicate that between 2011 and 2014, Rs 1107.5 crore worth of proceeds from the Rs 9,576 crore sale of Ranbaxy to Daiichi Sankyo made their way through RHC group firms RHC Holding Private Limited, Oscar Investment Limited, RHC Finance Private Limited and Fortis Healthcare Holdings Private Limited into two group entities ANR Securities Private Limited and Ranchem Private Limited.
From there, the money was transferred to Prius Real Estate Private Limited controlled by Dhillon family associates and RSSB functionaries through optionally convertible debentures (OCD). Those proceeds were used to invest in other Prius group entities called Prius Commercial, Payne Realtors, SVIIT Software and Sharan Hospitality whose preference shares worth Rs 875.53 crore were subscribed to by Prius Real Estate. Both the OCDs and preference shares were to be redeemed between August-November, 2018 at a hefty premium.
...Besides, his suit against Baba Gurinder Dhillon, Shivinder and Sunil Godhwani and others before the Economic Offences Wing, Malvinder has claimed that loans worth Rs 1006.3 crore have been given directly to Gurinder Singh Dhillon and family members through their entities Modland Wears, Devera Developers, Fern Healthcare and Best Healthcare, besides Adept Lifespaces and Rosestar Marketing.
Rs 1007 crore is about $145 million. So Business Today is reporting that the guru and his family have gotten a heck of a lot of money through allegedly illegal means, according to the criminal complaint filed by Malvinder Singh. The Rs 1006 crore in loans cited in Malvinder Singh's lawsuit may be in addition to this.
SEBI, the Securities and Exchange Board of India, has determined that Rs 403 crore of these loans were "fictitious and fraudulent." Now the Business Today story reveals that the RSSB guru is involved to a much greater degree in the Singh brothers financial misdeeds.
Here's a graphic from the story:
Per usual, Gurinder Singh Dhillon and his family are unwilling to talk to the Indian financial press. The story says, "Dhillons did not respond to a detailed e-mail Business today.In sent to them." But in September 2018 Dhillon said he would answer questions about his financial dealings, which he has never done.
So this supposedly "spiritual" guru broke his word.
Lastly, someone emailed me today, saying that I've been using an official photo of Gurinder Singh Dhillon that doesn't capture his true personality. Here's a likeness included as an attachment to the email. Reportedly it was taken at a distance by someone close to the guru, then cropped and enlarged.