Working to resolve issues, say Singh Brothers

NEW DELHI: Malvinder and Shivinder Singh, who recently stepped down from the boards of Religare Enterprises and Fortis Healthcare, said they were addressing various issues raised by their stakeholders. These issues include regulatory problems and the dues they owed to lenders, a person with knowledge of the matter said.

“We wish to say that given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities,” the brothers said in a statement issued on Thursday. “We assure that we are not going anywhere and are addressing the issues with responsibility and sincerity.

We will not shy away from any and all processes, questions, clarifications that need to be addressed; and we will provide all cooperation to ensure truth comes forth,” the statement said.

The brothers received flak lately over their handling of regulatory issues and the finances of the companies they promoted. The Supreme Court recently dismissed their plea aimed at blocking a Rs 3,500-crore international arbitration award against them over the 2008 deal to sell drug firm Ranbaxy Laboratories to Japan’s Daiichi Sankyo by allegedly hiding key information.

After the Supreme Court decision, at least five lenders to the brothers, including Yes Bank and Axis Bank, have been seeking to recover more than Rs 2,500 crore from them.

The Delhi High Court has blocked brothers and 12 other respondents in Daiichi's case from selling assets they disclosed to court during enforcement proceedings. The court is expected to take this up again on Monday. At Religare Enterprises, new auditors said they launched an “extensive review” of the financial services company’s books.