Delhi High Court has ordered 55 entities and individuals, including Radha Soami Satsang Beas (RSSB) chief Gurinder Singh Dhillon, wife Shabnam Dhillon, sons Gurkirat and Gurpreet and daughter-in-law Nayan Tara Dhillon as well as various companies owned by them or by RSSB associates to pay up Rs 6,373 crore worth of dues to Singh brothers so that they can honour the $500 million order to pay Daiichi. The 55 entities also include former Religare chief Sunil Godhwani and brother Sanjay Godhwani.
The order, issued on September 27, has given 30 days to pay up the dues by October 26. "The parties mentioned...are directed to deposit the amount due to respondent...with the Registrar General of this Court within 30 days...," says the order. The 55 entities and individuals were also barred from disposing of, alienating, encumbering any of the assets until the next hearing.
Japan's Daiichi had won a $500 million lawsuit against the Singh brothers for alleged non-disclosure of critical information during the sale of their pharma firm Ranbaxy Laboratories to Daiichi in 2008.
In his submission, Malvinder Singh, the elder of the Singh brothers, maintained that he can pay to Daiichi provided he can recover the money owed to him. A substantial part of the proceeds from Ranbaxy sale had been transferred to entities owned by RSSB chief Dhillon and his family and associates. The moneys have not been returned yet.
Hence, on May 28, the Delhi HC had issued a garnishee order against Dhillon and these 55 entities, which had effectively expanded the scope of the people from whom the money owed by the Singh brothers to Daiichi can be recovered to honour the arbitration award. A garnishee order is an order against a third party for the recovery of debt or dues.
Besides the Dhillon family, the garnishee order was issued against several Dhillon and RSSB associates' companies, including Prius Real Estate, Addon Realty, Payne Realtors SGGD Projects, Luminous Holding.
BusinessToday.In has documented the flow of money from the Singh brothers to entities owned and controlled by Gurinder Singh Dhillon -- the head of the Radha Soami Satsang Beas. 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 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. Singh brothers' dues from these 55 entities now add up to Rs 6,373 crore.