Former Ranbaxy promoter Malvinder Singh, in an affidavit filed in the Delhi High Court, has submitted proofs of loans worth Rs 1,472.72 crore owed to him by Gurinder Singh Dhillon, head of Radha Soami Satsang Beas, and his family members.
The development comes days after the undertrial businessman filed a complaint against Dhillon and others with the Delhi Police's Economic Offences Wing. He alleged Dhillon and others siphoned off funds from the proceeds of the sale of Ranbaxy Laboratories, and that Dhillon owed Rs 1,472.72 crore along with interest to Malvinder Singh.
The affidavit filed by Singh says huge sums of monies -- over Rs 500 crore -- were transferred from the accounts of Malvinder Singh to Gurinder Singh Dhillon and his family members between 2006 and 2010.
Additionally, between 2011-2016, around Rs 488.83 crore were advanced as loans to Gurinder Singh Dhillon and family members from the companies of 'Best Group', which at the time of advancement of these loans were not subsidiaries of Malvinder Singh.
The Best Group comprises Best Healthcare Private Limited, Modland Wears Private Limited (JD16), Fern Healthcare Private Limited (JD17), Devera Developers Private Limited, Greenline Buildwell Private Limited and Adept Lifespace Private Limited.
The affidavit alleges around December 2017, Shivinder Mohan Singh 'misused' his position, while concealing the precarious financial health of the companies under the Best Group. It alleges that Shivinder initiated the process to acquire these companies through Malvinder without any due diligence.
"Shivinder Singh misrepresented that this takeover is profitable. However, in October-November 2018, it was pointed out by the auditors that these companies are in fact debt-ridden. These companies had extended financial facilities to either Gurinder Dhillon, his family members, his close associates or the companies owned, controlled or managed by the Dhillon family," the affidavit alleged.
Dhillon and his family members received monies not only from Malvinder and his subsidiaries between 2006 and 2010 but also from companies of the Best Group (2011-2016), which weren't his subsidiaries when the loans were given and were acquired in December 2017.
"The monies received from the Best Group was camouflaged by Dhillon and his family members to appear as if they were clearing their direct debt towards Malvinder and his subsidiaries to window dress that there is no amount receivable from Dhillon and members of his family directly to Malvinder," the affidavit says.
However, the monies advanced by the Best Group directly to the Dhillon family i.e. a sum of Rs 1,472.72, crore along with interest is still outstanding towards the companies of the Best Group, Malvinder says.
He says Dhillon had earlier attempted to mislead the court by confusing the two sets of loans advanced to him and his families. "The same are to be paid back, along with applicable interest at the rate of 14.75 per cent quarterly compounding," he says, adding that this interest rate was mutually accepted.
Response from Malvinder came after Dhillon via an affidavit claimed he owed no money to Malvinder. Malvinder also alleged that Shivinder Singh and former associates Sunil and Sanjay Godhwani also conspired to misappropriate funds.
Both Malvinder and Shivinder are in police custody in a fraud case involving their former company Ranbaxy. The Singh brothers sold Ranbaxy to Daiichi Sankyo in 2008. In 2013, Daiichi paid $500 million as felony charges in the US for selling adulterated medicines, following which it filed an arbitration case against Singh brothers.
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