Ugly face of capitalism: Singh brothers do India's reputation no favour

Failing companies and untrustworthy promoters are, however, an inevitable feature of any country's business environment

It speaks volumes for the reputation of Malvinder and Shivinder Singh, promoters of Fortis Healthcare and Religare Enterprises, that shares of both the companies soared following news that the brothers had stepped down from the board of the former. The two, respectively chairman and executive vice-chairman of Fortis, had opted to step down following a high court ruling upholding a $550-million award by a Singapore arbitration tribunal to Japanese drug maker Daiichi Sankyo against the brothers for concealing facts when they sold group company Ranbaxy in 2007. This is the second management reshuffle in the group. In November, Malvinder, the