Shivinder Mohan Singh files personal insolvency plea in NCLT
This story was originally published at 18:25 IST on 21 April 2025
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NEW DELHI – Religare Enterprises Ltd.'s former promoter Shivinder Mohan Singh on Monday filed a personal insolvency plea before the Delhi bench of the National Company Law Tribunal, which will now hear the case on May. 13. Singh said that his liabilities have exceeded the value of available assets.
Singh said that most of his assets were either attached or disposed of at a significantly reduced value. This was primarily due to ongoing litigation and enforcement proceedings with Daiichi Sankyo Co. Ltd. as well as financial mismanagement with RHC Holding Pvt. Ltd., a company where he was a personal guarantor to the loans given, said Singh.
In January, a Delhi court had framed charges of criminal conspiracy and cheating against Shivinder Mohan Singh and his brother Malvinder Mohan Singh for causing a loss of INR 24 billion to Religare Finvest Ltd., a subsidiary of Religare Enterprises Ltd. In 2019, the brothers were arrested by the Economic Offences Wing of Delhi police after they defaulted on loan repayments and siphoned off funds from Religare Finvest to various companies directly or indirectly owned by them.
Other allegations against the brothers include Daiichi Sankyo saying that the former had siphoned off funds from the company through a complex web of companies. Further, it was alleged that the brothers had siphoned off INR 4.7 billion from Fortis Healthcare Ltd., a company which the Singh brothers had owned. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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