Ex-Ranbaxy Promoters Malvinder, Shivinder Singh Arrested
Former promoters of pharmaceutical giant Ranbaxy, Shivinder Singh and his elder brother Malvinder Singh, have been arrested in a Rs 740 crore fraud case, sources said.
 
According to sources, Shivinder was arrested on Thursday evening while Malvinder was arrested late at night, after a lookout notice was issued against him.
 
The brothers have been accused by Religare Finvest of fraud and misappropriation involving around Rs740-crore.
 
Former Religare CMD Sunil Godhwani and two others—Kavi Arora and Anil Saxena—were also arrested in the matter.
 
In December last year, Religare Finvest had filed complaint against Malvinder Singh and Shivinder Singh. In May, both were charged with cheating, fraud and misappropriation of funds.
 
In a statement after the arrests, the Economic Offence Wing (EOW) of Delhi Police said that Manpreet Singh Suri of Religare Finvest Ltd (RFL) had levelled allegations against the Singh brothers, among others.
 
"The alleged persons having absolute control on Religare Enterprises Ltd and its subsidiaries put Religare Finvest in poor financial condition by way of disbursing the loans to companies having no financial standing and controlled by the alleged persons," the statement said.
 
These companies willfully defaulted in repayment and caused wrongful loss to Religare Finvest to the tune of Rs2,397-crore which was also pointed out and flagged during independent audits by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), it said.
 
Shivinder Singh was the promoter of Religare Enterprises Ltd, which is the listed company having 85% shareholding of Religare Finvest, while Mr Godhwani remained CMD of Religare Enterprises during the period concerned. Mr Arora and Mr Saxena also occupied important managerial position in Religare Enterprises and Religare Finvest during the same time.
 
In August, the Enforcement Directorate (ED) searched their residences on charges of money laundering. The raids took place after a case was filed against the brothers under the Prevention of Money Laundering Act (PMLA).
 
Also, in April, the Supreme Court threatened to jail the two former promoters of Ranbaxy, for not complying with an order to pay dues to Japanese firm Daiichi Sankyo.
 
"We will go into the issue... why you violated our orders. We will send you to jail," the apex court had said.The Court was hearing a petition filed by Daiichi Sankyo which is seeking to recover Rs3,500 crore awarded to it in an arbitration case by a Singapore tribunal from the brothers.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    BJP spent most in Maharashtra, Haryana polls in 2014: ADR
    The BJP had spent over 60 per cent of the total expenditure by all political parties, on publicity, travel, miscellaneous expenses and lumpsum amount to the candidates in the 2014 Haryana and Maharashtra Assembly polls, according to a report the Association for Democratic Reforms (ADR).
     
    The ADR report says the total expenditure collectively by all the parties in these two elections were Rs 362.87 crore.
     
    With an expenditure of Rs 226.82 crore, the BJP came first, with the Congress in second place with total expenditure of Rs 63.31 crore.
     
    Of the total expenditure of Rs 362.87 crore by all the political parties, Rs 280.72 crore (77.36 per cent) was spent on publicity, followed by Rs 41.40 crore on travel expenses.
     
    "The BJP has incurred the maximum -- Rs 186.39 crore -- under Publicity, which forms 66.40 per cent of the total expenditure incurred by all political parties on Publicity," the ADR said.
     
    Also, among the political parties, the BJP collected the maximum funds at Rs 296.74 crore.
     
    "Of the total funds collected by the BJP, the Central headquarters got 58.69 per cent (Rs 174.159 crore), while the Maharashtra unit got Rs 122.28 crore, and the Haryana unit got Rs 0.303 crore," the report added.
     
    The Congress also came second in terms of fund collections with Rs 84.37 crore.
     
    "Of this, the Central headquarters got Rs 16.55 crore, while the Maharashtra unit bagged funds of Rs 62.74 crore (74.36 per cent) and Haryana unit got Rs 5.083 crore," it added.
     
    All the political parties collectively got funds of Rs 464.55 crore at the central headquarters of the parties as well as its state units.
     
    "The most preferred mode of collection was by cheque/DD where the parties collected Rs 323.66 crore (69.67 per cent) of the total funds collected both at state and Central levels."
     
    Cash was preferred less by the parties both for collecting and spending the money.
     
    "The cash accounted for about 30 per cent (Rs 140.61 crore) of the total funds collected and only seven per cent of the expenditure was done in cash."
     
    In terms of expenditure, the central headquarters of the political parties spent maximum (Rs 204.10 crore), followed by Maharashtra units (Rs 136.69 crore).
     
    "Haryana state units spend Rs 16.42 crore in the elections," the report said, which also mentioned that the Haryana state unit collected funds of Rs 12.46 crore.
     
    The report also said that at the state level, Maharashtra incurred 732 per cent higher expenditure than Haryana.
     
    The ADR said that the elections expenditure statements of JDS and RLD were not available in the public domain even 4 years and nine months after elections.
     
    "Also, three national parties, Congress, CPI and BJP delayed the submission of their election expenditure statements for Maharashtra and Haryana State Assembly elections, 2014 by 181 days, 197 days and 198 days, respectively."
     
    The BJP came to power in the two states in 2014. Both states are going for polls on October 21.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Now, Mumbai Dabbawalas fight fakes in fraternity
    In a shock development, the famed Mumbai Dabbawalas have launched an all-out war to weed out a section of alleged fakes who have infiltrated the fraternity to exploit their name for their own vested interests.
     
    Taking the initiative, the Nutan Mumbai Tiffin Box Suppliers Charity Trust (NMTBSCT), registered in 1955, and the Mumbai Jevan Dabe Vahtuk Mandal (MJDVM), registered in 1970, and their authorised organisations - Sant Dnyaneshwar Jevan Dabe Vahatuk Mandal (Mulund), Bhimashankar Jevan Dabe Vahatuk Mandal (Grant Road) and Ghatkopar Jevan Dabe Vahatuk Mandal (Ghatkopar), hit out on Thursday at least a dozen-odd masquerading as the 'asal' (original) Dabbawalas, ostensibly for both glory and gratification.
     
    "Barring these organisations, no other person or entity is authorized to speak for or represent my clients in any manner whatsoever," their lawyer Amol V. Sutrale said in a public notice on Thursday.
     
    The move came as a bombshell on a day when the Mumbai Dabbawalas Association (MDA) - which includes Subhash Gangaram Talekar, one of the persons targeted by NMTBSCT-MJDVM - made the grand announcement that "the Dabbawalas will support the ruling Bharatiya Janata Party-Shiv Sena" in the October 21 elections.
     
    NMTBSCT official spokesperson Ritesh Shantaram Andre dismissed this outright, terming it as "a unilateral, unauthorized move by a handful of fraudulent elements" which has absolutely no backing of the larger tribe of Mumbai Dabbawalas, and urged the political parties "to beware".
     
    "Luckily, it was only the genuine NMTBSCT office-bearers whom Britain's Prince Charles met in Mumbai in 2003, and invited them to his wedding with Camilla Parker in 2005. We hosted Queen Maxima of The Netherlands in 2018, and we hold the Guinness World Record for our work. We have all the official photographs in our Mumbai headquarters for anybody to verify," NMTBSCT Chairman Ulhas S. Muke told IANS.
     
    He said the NMTBSCT and MDJVM have now decided to expose these fakes who have allegedly been cornering huge chunks of funds received from various quarters for the welfare of the tiffin-carriers "which belongs to the real Dabbawalas toiling in all weathers ferrying tiffin boxes and earning global laurels".
     
    Both Sutrale and Andre pointed out that since the past few years, these suspect persons have been giving false impressions claiming to represent the Dabbawalas. It is also not clear if they are even in the business of supplying tiffin boxes - which tantamounts to a "criminal impersonation".
     
    Taking this a step further, the NMTBSCT and MJDVM will contact YouTube, Google and all other websites and portals to immediately delete the unauthorized videos and content uploaded by these fraudulent persons impersonating as Dabbawalas.
     
    "Even the name 'Mumbai Dabbawala' is owned by us and the Dabbawalas' picture showing them wearing a white loose kurta-pyjama, a Gandhi cap, a black dot on the forehead, carrying the trademark 'dabba' with a metal tiffin box on a black bicycyle. Nobody can copy, misuse or misrepresent these," Andre warned.
     
    Even the figures of the number of working Dabbawalas, their customers and business details, among others, bandied around by these unauthorized persons, are misleading and "we shall reveal the official data shortly", he added.
     
    The NMTBSCT and MJDVM have pointed accusing fingers at Sunil Pandurang Gawande (Ghatkopar), Sharad Gangadhar More and Sandip Shantaram Gaikar (both, Kalyan), Manish Tripathi (Borivali) and Subhash Gangaram Talekar (Byculla, who incidentally is the son of a former office-bearer of NMTBSCT) and Arvind Gangaram Talekar.
     
    Advocate Sutrale's notice has also named the masterminds of the alleged misrepresentations as Pawan G. Agarwal, Piyush Pavan Agarwal (both, Vikhroli), Ananta Baban Talekar (Worli), Bhagaji Sabaji Raundhai and Vitthal Jayram Sawant (both, Andheri), Dashrath Pandharinath Kedari (Jogeshwari), Subodh Sangle (Grant Road), Mayur Kranti and Rushabh Kranti (both, Goregaon).
     
    There is another minor - Tilak Mehta - who runs a business in the name of the Paper N Parcel Courier, but the NMTBSCT and MJDVM made it clear it has no connection with them.
     
    Despite IANS efforts, MDA's Talekar was not available for comments on the matter.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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