But since 2011, ill health, including a battle with cancer, caused the guru to step back to focus on his spiritual duties, he said. Dhillon is the Singhs' mother's cousin.

Sources: Ministry of Corporate Affairs, RHC Holding, Bloomberg reporting. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,397 crore. Taken together, the zero-interest loans to Dhillon firms and Singh investments gone bad created a crushing debt load that required even more borrowing to service. Dhillon hasn’t been accused of any wrongdoing. Your session has expired, please login again. Since then, the finances of the spiritual leader and the brothers have grown intertwined, with money flowing from the Singhs to the Dhillon family via loans through shell companies and an array of arcane financial instruments, according to the documents and people familiar with the matter, who asked not to be named because of the ongoing legal probes. There’s a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. The brothers had hit gold with the sale of their Ranbaxy sale, earning close to Rs 10,000 crore. LTC Scheme: Can you take LTC advance, auto loan to buy a car? When India’s central bank discovered 18 billion rupees taken from Religare had gone to subsidiaries of the Singhs’ main holding company, it demanded it be paid back, but it still hasn’t been. Dhillon is the brothers' spiritual Master. The year was 2008 and Malvinder and Shivinder Singh could do no wrong. Both agencies didn’t respond to requests for comment. Both deny any wrongdoing. Not much is known about the huge debt they took on to do so. The Singhs have said they are working to resolve issues with stakeholders. But let's leave this for now and focus on the money Malvinder and Shivinder earned from the Ranbaxy sale. Bhai Mohan Singh went on to set up the pharma company Ranbaxy after buying a debt-ridden company owned by his cousins Ranjit Singh and Gurbax Singh (their names Ranjit and Guxbax gave the name Ranbaxy). “Malvinder and Shivinder are unequivocal about this: Mr. Dhillon is their spiritual Master,” the brothers wrote.

But the brothers’ story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce. But the brothers’ story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce. It’s home to 8,000 devotees of the Master: Gurinder Singh Dhillon.

Minority shareholders took over at Religare.

As many as 500,000 devotees sometimes visit the ashram at once to listen to his teachings of how meditation, vegetarianism and high moral values can help one escape the cycle of death and rebirth. The Dhillon family would eventually become Religare’s second-largest shareholder, after the Singhs, with money lent to them by the brothers, according to people familiar with the matter. By Vandana March 23, 2018 22:23 IST [File] Malvinder Singh and Shivinder Singh, the original promoters of Fortis Healthcare | PTI. Dhillon is a cousin of the Singhs’ mother, and he became a surrogate father to them after the death of their own in the late 1990s. RHC, the holding company, also made personal loans of 5 billion rupees to Dhillon family members, via a network of shell companies, people familiar with the matter said. The Singh brothers' mother Nimmi Singh is Dhillon's cousin. Malvinder Mohan Singh shares a moment with Daiichi Sankyo Co.’s then CEO Takashi Shoda in New Delhi on June 11, 2008. Ex-Billionaire Singh Brothers Found to Have Defrauded Company By . Their total borrowings hit about $1.6 billion by March 2016, filings show.As things deteriorated, funds at the two primary public companies controlled by the Singhs, Fortis and Religare, were continuously routed back and forth via shell companies to deal with cash shortages elsewhere in the Singh family empire, according to multiple people familiar with the matter. Then in 2013, Ranbaxy pleaded guilty to criminal felony charges in the U.S. and faced $500 million in fines.

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