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Shivinder moves NCLT to withdraw case against Malvinder

IANS  |  New Delhi 

Former Healthcare promoter Singh has urged the (NCLT) to allow withdrawal of his filed against older brother Singh as per the wishes of their mother.

"... the mother of Petitioner No. 2 (Shivinder) and Respondent No. 2 (Malvinder) has requested both her sons to engage in mediation led by family elders... to settle inter se the issues between them," the withdrawal petition filed on Wednesday said.

had this month filed a suit in NCLT, a quasi-judicial body for corporate governance, alleging "oppression and mismanagement" in their joint businesses against Malvinder and former

"... out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the petitioners wish to withdraw the captioned petition," read the NCLT filing.

On September 4, Shivinder, his wife and their company filed a in the NCLT against Malvinder and Godhwani, alleging mismanagement of RHC Holdings, including embezzlement of funds and forgery, which led the group into a debt trap.

Shivinder had claimed that the collective, ongoing actions of Malvinder and Godhwani had led to a systematic undermining of the interests of the companies and their shareholders as also the committed and loyal employees of the group.

The Singh brothers, who have equal stakes in RHC Holdings, have lost their control of Healthcare and after lenders converted pledged shares.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 13 2018. 20:32 IST