UPDATE: A commenter shared a link to another story by Business Today on this subject that contains more information. There's a Delhi High Court order for all those involved in the financial fraud investigation to appear on November 14.
Daiichi case: Delhi HC orders RSSB chief Dhillon & family, Singh brothers, Ghodhwanis to be present in court on November 14
BusinessToday.In on March 12 reported Singh brothers could only pay the $500 million order against them to compensate Daiichi, provided the money owed to them by RSSB chief Gurinder Singh Dhillon and his family is recovered
Delhi High Court has asked RSSB chief Gurinder Singh Dhillon and his family members, former Religare promoters Shivinder Singh and Malvinder Singh, former Religare chief Sunil Godhwani and his brother Sanjay Godhwani to be present at the court hearing in the Daiichi Sankyo case on November 14. The court has asked all accused to remain present in the court, along with all the documents relating to the dealings. "The garnishees shall also remain present in the Court on the next date of hearing along with all the documents relating to the dealings/transactions with the judgment debtors as well as their related companies on the next date of hearing," says the court order dated October 11.
Daiichi had earlier enforced an arbitration order in Singapore that ordered the brothers to pay Daiichi $500 million towards alleged non-disclosure of crucial information during the sale of Ranbaxy Laboratories to Daiichi in 2008.
Expanding the scope of people from whom the money could be recovered, the court in June had named 56 entities, including Dhillon, his wife Shabnam Dhillon and other family members, and Godhwanis.
BusinessToday.In had reported on March 12 that Singh brothers can only pay the $500 million order against them to compensate Daiichi, provided the money owed to them by RSSB chief Gurinder Singh Dhillon and his family is recovered. In his submission, Malvinder has maintained that he can pay Daiichi provided he recovered the money owed to him.
Besides the Dhillon family, the Delhi HC had also issued 'garnishee orders' -- an order that's issued against a third party to recover money to settle a debt or dues -- against several Dhillon and RSSB associates' companies, including Prius Real Estate, Addon Realty, Payne Realtors SGGD Projects, Luminous Holding.
BusinessToday.In had earlier reported the flow of money from Singh brothers to entities owned and controlled by Gurinder Singh Dhillon, his family and RSSB associates. RoC filings and terms sheets say between 2011 and 2014, Rs 1,107.5 crore from the Rs 9,576 crore sale proceeds of Ranbaxy to Daiichi Sankyo was paid through various RHC group firms. Thereafter, this money was transferred to Prius Real Estate Private Limited controlled by Dhillon family associates and RSSB functionaries through optionally convertible debentures (OCD).
Today The Economic Times of India ran this story concerning the guru of Radha Soami Satsang Beas, Gurinder Singh Dhillon.
Download Daiichi Sankyo-Ranbaxy case: HC asks Radha Soami head 54 others to deposit Rs 6 000 crore
It doesn't appear to be good news for Dhillon and his family, who reportedly were the beneficiaries of hundreds of millions of dollars fraudulently siphoned from RHC Holding, a public company.
Delhi HC orders RSSB chief Gurinder Singh Dhillon to appear in court on Nov 14
The RSSB chief is among 55 individuals and entities ordered by the court to pay over Rs 6000 crore owed to RHC Holding Pvt Ltd in connection with the settlement of a dispute to Daiichi Sankyo’s acquisition of Ranbaxy laboratories.
The Delhi High Court has ordered Gurinder Singh Dhillon, chief of Radha Soami Satsang Beas (RSSB) to be personally present in the court on November 14.
The order comes after he and his family members told the court that they do not owe any money to RHC Holding Pvt Ltd, promoted by Malvinder and Shivinder Singh.
The Dhillon had filed an application following the court’s direction to deposit the amount owed to RHC holdings pvt Ltd in connection with the execution of Rs 3500 crore arbitration award won by Japanese form Daiichi Sankyoagainst former Ranbaxy promoters. In his plea Dhillon had told the court that RHC Holding has made false claims.
Thereafter, in an order dated October 11 the court ordered Dhillon along with his wife Shabnam, sons Gurkirat and Gurpreet and daughter in law Nayan Tara to “remain present in the court with relevant documents related to their dealings and transactions with the garnishees and their related companies,” the order said. ET has accessed a copy of the order.
The Dhillon are among 55 individuals and entities ordered by the court to pay over Rs 6000 crore owed to RHC holding in connection with the settlement of a dispute to Daiichi Sankyo’s acquisition of Ranbaxy laboratoriesNSE 5.63 %.
Justice JR Midha in his earlier order had also stated that these entities cannot “dispose of, alienate, encumber directly or indirectly, part with the possession of any assets, except in the ordinary course of business like payment of salary and statutory dues, till the next date of hearing.”
According to an affidavit filed by RHC Holding in April, entities including those controlled by the RSSB chief, his family and close associates, owed over Rs 6,000 crore to the company and other group entities of the Singh brothers. Malvinder Singh, one of the directors of RHC, had maintained that payment of an arbitration award related to Daiichi Sankyo’s acquisition of Ranbaxy could be made only if the money owed was recovered.