Business tycoon and former vice chairman of Fortis Healthcare Shivinder Singh has dropped the case he had earlier filed against brother Malvinder Singh. The development happened after their mother intervened, states the NCLT filing.
"That out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the Petitioners wish to withdraw the captioned Petition," the filing suggests.
Shivinder and Malvinder lost out on both Religare Enterprises and Fortis healthcare after there were allegations of financial irregularities. Allegedly, they also hid facts when they sold Ranbaxy Laboratories to Japan-based global pharmaceuticals company Daiichi Sankyo, and a payment of Rs 3,500 crore of adjudication is to be made.
Shivinder and his wife Aditi Singh had lodged a police complaint against the former's elder brother Malvinder, accusing him of forging Aditi's signature and initiating illegal monetary transactions. The complaint also mentioned Sunil Godhwani, a top executive of their business empire and an old associate.
“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," Shivinder had earlier stated.