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NCLT orders status quo over RHC Holdings

Delhi: The National Company Law Tribunal (NCLT) on Thursday issued notices to Malvinder Mohan Singh, ex-Religare chief Sunil Godhwani and others, and also directed to maintain status quo over the shareholdings and composition of RHC Holdings board after the plea of younger brother Shivinder Singh.

The tribunal also allowed both parties, Shivinder Singh and his wife Aditi Singh and other party Malvinder Singh, to inspect documents and take photocopies of the records of RHC Holdings.

A two-member Bench headed by NCLT president Justice MM Kumar issued notices to Malvinder, Godhwani and others after Shivinder’s petition over alleged “oppression and mismanagement” of RHC Holdings.  The tribunal also directed Malvinder Singh and other respondents to file their replies within 10 days and sought a rejoinder from Shivinder Singh in two weeks. The NCLT has posted the matter for October 9.

Former Fortis Healthcare promoter Shivinder Mohan Singh had moved NCLT to remove his elder brother Malvinder from the board of RHC Holdings alleging “blatant acts of mismanagement” by him and also asked to reconstitute the board of the company.  The younger brother had also requested the tribunal to allow him or his authorised representatives to inspect the statutory records of RHC Holdings and taking copies thereof. RHC Holding Pvt Ltd is a NBFC owned by the families of Singh Brothers. Currently, Malvinder Singh is its MD.

This article was first published on http://www.wakeuppost.com.

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