NEW DELHI / WEB DESK
Fortis Healthcare co-founder Shivinder Singh on Thursday decided to withdraw the case he had filed against his elder brother Malvinder Singh at the National Company Law Tribunal (NCLT), and agreed to try to solve the dispute with mediation from family elders.
The two warring brothers whose business empire was once worth billions, requested a court on Thursday to withdraw a case he had filed against brother Malvinder after their mother and family elders brokered a truce between the siblings.
In their request, Shivinder and his wife Aditi S. Singh also sought the liberty to approach the court again if mediation by family members failed. The case against Malvinder and business associate Sunil Godhwani was to come up for hearing at the New Delhi bench of the National Company Law Tribunal (NCLT) on Friday.
On 4 September, Shivinder had filed a case against his elder brother and Godhwani, a former chief executive of financial services company Religare Enterprises, blaming the two for oppression and mismanagement of family businesses.
The two brothers have seen a dramatic fall in their fortunes in the past six months, with much of their public shareholdings seized by lenders. Irregularities at Fortis Healthcare Ltd, which was earlier controlled by them, are being probed by financial authorities, including the Serious Fraud Investigation Office.
“The mother of petitioner No. 2 (Shivinder) and respondent No. 2 (Malvinder) has requested both her sons to engage in mediation led by family elders respected by both her sons with a view to them settling inter-se issues between them,” said the petition filed before the NCLT. Mint has reviewed a copy of the petition.