Former Ranbaxy promoter Shivinder Singh arrested by Delhi Police

Hindustan Times, New Delhi | By
Oct 10, 2019 08:12 PM IST

In December 2018, Religare Enterprises Ltd (REL) subsidiary Religare Finvest (RFL) had lodged a criminal complaint with the Economic Offences Wing of the Delhi Police against promoters Malvinder Mohan Singh and Shivinder Mohan Singh.

Former promoter of Ranbaxy pharmaceuticals Shivinder Singh was arrested on Thursday by Delhi Police’s Economic Offences Wing (EOW).

Former promoter of Ranbaxy pharmaceuticals Shivinder Singh was arrested on Thursday by Delhi Police’s Economic Offences Wing (EOW).(Photo: Raj K Raj/Hindustan Times)
Former promoter of Ranbaxy pharmaceuticals Shivinder Singh was arrested on Thursday by Delhi Police’s Economic Offences Wing (EOW).(Photo: Raj K Raj/Hindustan Times)

In December 2018, Religare Enterprises Ltd (REL) subsidiary Religare Finvest (RFL) had lodged a criminal complaint with the Economic Offences Wing of the Delhi Police against promoters Malvinder Mohan Singh and Shivinder Mohan Singh.

The complaint also named REL ex-CMD Sunil Godhwani, among other directors, for cheating, fraud and misappropriation of funds to the tune of 740 crore.

The complaint was registered for various offences including cheating, criminal breach of trust, misappropriation, fraud and forgery and criminal conspiracy.

“The complaint was filed basis internal inquiries (including an independent forensic review) undertaken by the new RFL board and management,” REL release said.

REL was controlled by the warring Singh brothers until February 2018.

Post their exit from the board of REL in February 2018, the boards of REL and RFL had been re-constituted.

According to an REL regulatory filing, the newly-formed RFL Board and management discovered siphoning and misappropriation of funds of RFL amounting to approx 740 crores in aggregate through loans to entities that are controlled by, connected to or known to the promoters or their associates.

Exciting news! Hindustan Times is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!
Get Latest India News along with Latest News and Top Headlines from India and around the world
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Sunday, September 24, 2023
Start 14 Days Free Trial Subscribe Now
Register Free and get Exciting Deals