NCLT accepts Shivinder's plea to withdraw case against elder brother

The National Company Law Tribunal (NCLT) has given a green signal to former Fortis Healthcare promoter Shivinder Singh's plea to withdraw the petition against his elder brother, Malvinder, and former chief of Religare, Sunil Godhwani.

Earlier this month, Shivinder had filed a case before the Delhi Bench of NCLT where he alleged that Malvinder and Godhwani's collective and ongoing actions have systematically undermined the interests of the companies and their shareholders.

Shivinder filed the case to take on his elder brother and disassociate himself in the light of the recovery tussles that are ongoing in various courts, including the Delhi High Court, Debt Recovery Tribunal and so on. Later, on the request of their bed-ridden mother – Nimmi Singh, who had allegedly stopped eating since a few days, Shivinder withdrew his petition.

His plea at NCLT stated: “Out of respect for their mother, the parties have already started the mediation process and as per the request of the mediators, the petitioners wish to withdraw the petition, without prejudice to their rights and contentions.”

“My primary goal remains to address and resolve the group's issues through constructive and transparent engagement with Daiichi Sankyo and other creditors. It is clear that my brother and I cannot do so together. To that end, I intend to use the mediation process to get to a critical decision,” Shivinder said in a press statement.

Both Shivinder and Malvinder and their companies collective owe over Rs 3,500 crore to Daiichi-Sankyo. The amount is far from paid as of now, and stands to be recovered, proceedings of which are ongoing in litigations at Delhi High Court.

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