Shivinder to withdraw petition in NCLT against brother Malvinder

NEW DELHI: Former Fortis Healthcare promoter Shivinder Mohan Singh Thursday said he has made up our minds to withdraw his petition in NCLT towards elder brother Malvinder Mohan Singh and ex-Religare chief Sunil Godhwani, as desired via his mom.

Shivinder had earlier this month filed an application sooner than the Delhi bench of the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the pursuits of the corporations and their shareholders.

Confirming the move, Shivinder told :"I have applied to withdraw the petition before NCLT, that is coming up for hearing."

"There is a mediation process that has been kicked off and if it does not work I have the option of refiling it," he added.

In his application sooner than NCLT, Shivinder has said: "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."

The application further said: "Out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the petitioners wish to withdraw the petition, without prejudice to their rights and contentions."

Shivinder's counsel Ranjana R Gawai said the petition isn't withdrawn but however getting withdrawn because the in poor health mom wants to get this subject looked after out inside of domestic discussion board through mediation.

Passing an interim order over Shivinder's earlier plea, the principal bench of NCLT on September 6 directed to care for established order over the shareholdings and composition of RHC Holding board.

As on August 27, Malvinder and Shivinder were the promoters of Religare on behalf of PS Trust while RHC Finance and RHC Holding were the promoter groups, consistent with information to be had on bourses.

The tribunal had additionally issued realize to Malvinder together with Godhwani and different respondents over Shivinder's petition alleging "oppression and mismanagement" of RHC Holding.

It had additionally allowed each events -- Shivinder Singh and his wife Aditi Singh -- and different celebration Malvinder Singh to check up on documents and take photocopies of the records of RHC Holding.
Shivinder to withdraw petition in NCLT against brother Malvinder Shivinder to withdraw petition in NCLT against brother Malvinder Reviewed by kailash soni on September 14, 2018 Rating: 5
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