Given my goal of bringing readers of this blog all the news in the Indian financial press about the Singh brothers'/RSSB guru's misdeeds that's worth sharing, here's a mildly interesting story in The Economic Times, "New management committed to ensure good governance, says Religare Enterprises."
Below are a few excerpts relating to Gurinder Singh Dhillon, the guru of Radha Soami Satsang Beas. Dhillon orchestrated the installation of Sunil Godhwani as CEO of Religare, after which Godhwani proceeded to illegally funnel money from Religare into shell companies controlled at the time by the Dhillon family and close associates.
Since most of the money reportedly ended up in Dhillon real estate ventures that went bad, it isn't good news for the RSSB guru and his family that Religare is committed to finding out how the fraud took place and getting its money back. The story says:
Religare Enterprises Friday said the new management team is committed to ensure that good governance and accountability are the hallmarks of the group as it dubbed allegations made by its former chief Sunil Godhwani as an attempt to divert attention from fraudulent transactions.
..."The company has the full support of its shareholders to bring to justice the erstwhile promoters and management and recover all the monies siphoned away by them," it added.
It also said that the new management team is committed to ensure that going forward the ethos of good governance, ethics and accountability become the hallmark of the Religare Group.
"Religare Enterprises has suffered over the years on account of unbridled mismanagement and misappropriation of funds orchestrated under the erstwhile promoters (Malvinder Mohan Singh and Shivinder Mohan Singh) and Sunil Godhwani," the statement said.