ormer Religare CMD Also Arrested For ₹2,397Cr ‘Loss’
The economic offences wing of the Delhi Police on Thursday arrested former Religare promoter Shivinder Mohan Singh and the company’s ex-CMD Sunil Godhwani for alleged default in repayment of dues and causing wrongful loss of Rs 2,397 crore to Religare Finvest Ltd (RFL). Late in the night, Shivinder’s elder brother and former Religare copromoter Malvinder, also an accused in the case, was detained from Ludhiana.
Two former top executives of the company, Kavi Arora and Anil Saxena, were also arrested for their alleged involvement in the case. The police action against the brothers marks a stunning fall for one of the best-known business families in Delhi and the country. Malvinder and Shivinder’s grandfather late Bhai Mohan Singh had set up Ranbaxy, which was the country’s largest pharma company, and the family also founded Fortis, which runs a chain of hospitals across India.
The brothers have been ousted from Religare and Fortis after they pledged their shares to raise money, but could not repay the loans, setting the stage for a rapid slide for the scions of the top business family.