Thursday, May 2, 2024
ADVT 
India

Radha Soami Chief Gurinder Singh Dhillon Admits To Financial Dealings With Singh Brothers Malvinder And Shivinder

Darpan News Desk IANS, 14 Nov, 2019 08:59 PM

    THE HEAD of Radha Soami Satsang Beas, Gurinder Singh Dhillon, has, for the first time, admitted to financial transactions between himself and ex-Religare Enterprises (REL) promoters Malvinder and Shivinder Singh.


    In an affidavit filed before the Delhi High court on November 12, Dhillon has disclosed about the financial transactions between RHC holdings Ltd and his family members dating back to 2006.


    The court had in October ordered Dhillon along with his wife Shabnam, sons Gurkirat and Gurpreet and daughter in law Nayan Tara 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 Sankyo against former Ranbaxy promoters.


    While in his plea Dhillon had told the court that RHC Holding has made false claims. The court in its order had then asked the Dhillons to file relevant documents related to their dealings and transactions with the garnishees and their related companies.


    The Dhillons 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 laboratories.


    Dhillon has claimed that as the two families were then in a “very close relationship”, they did not record any written agreement. He has absolved his family members from any involvement in the financial transactions carried out by him.

     

    He, however, distanced himself from allegations of fund diversion by claiming that the brothers, as well as RHC had “deliberately” avoided giving a clear picture of all transactions between them as it would show “that nothing whatsoever is owed by the deponent (Dhillon) and his family members” to RHC or any of its subsidiaries.

     

    The transactions alleged by Dhillon are in violation of Securities and Exchange Bureau of India (SEBI) norms on promoters’ role in rights issues of companies.


    The religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. A further sum of Rs 35 crore was taken out by his sons as loans for personal purposes, but was subsequently returned in 2011, Dhillon claimed in his affidavit.

    MORE India ARTICLES

    ‘You’ve Won Hearts’: Navjot Singh Sidhu To Imran Khan After Kartarpur Inauguration

    Sidhu also thanked Prime Minister Narendra Modi for making the project happen, in spite of political differences, adding that he was sending 'Munnabhai MBBS style hug' to the PM.  

    ‘You’ve Won Hearts’: Navjot Singh Sidhu To Imran Khan After Kartarpur Inauguration

    Bridging 72 Years With 9-Km Road: PM Modi, Imran Khan Throw Open Kartarpur Corridor

    "I thank Pakistan Prime Minister Imran Khan Niazi. He understood India's feelings on the Kartarpur corridor issue, gave respect (to it) and, worked keeping in view those feelings," PM Modi said.  

    Bridging 72 Years With 9-Km Road: PM Modi, Imran Khan Throw Open Kartarpur Corridor

    US-Based NRI Chiranjeev Kathuria Offers Help In Generating Power From Stubble In Punjab

    To address the problem of the stubble burning, an India born NRI businessman has proposed to set up 1,000 MW biomass energy generating plants in his home state Punjab.  

    US-Based NRI Chiranjeev Kathuria Offers Help In Generating Power From Stubble In Punjab

    Pune Housemaid’s Visiting Card Goes Viral, Gets Job Offers From Across Country

    Geeta Kale, a domestic help in Pune, has been flooded with job offers from all corners of India. The reason - a business card that one of her employers, Dhanashree Shinde, designed for her.

    Pune Housemaid’s Visiting Card Goes Viral, Gets Job Offers From Across Country

    Amarinder Singh Alleges ISI Hand Behind 'Referendum 2020' Mobile App, Demands Removal from Google Playstore

    Netizens took to Twitter on Friday to urge Google to take down the controversial '2020 Sikh Referendum app' immediately.

    Amarinder Singh Alleges ISI Hand Behind 'Referendum 2020' Mobile App, Demands Removal from Google Playstore

    WATCH: Western Railway Deploys 'Yamraj' To Discourage Trespassing

    The Western Railway on Thursday launched an innovative campaign in Mumbai to spread awareness, save lives and discourage trespassing.    

    WATCH: Western Railway Deploys 'Yamraj' To Discourage Trespassing