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NCLT allows Shivinder to withdraw plea against elder brother Malvinder

Press Trust of India  |  New Delhi 

The NCLT Friday allowed

former Healthcare promoter to withdraw his petition against elder brother Malvinder and ex-Religare chief

had earlier this month filed an application before the bench of the (NCLT) alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the interests of the companies and their shareholders.

A two-member bench of NCLT headed by its Justice M M Kumar Friday allowed to withdraw his plea.

However, a for Religare Enterprises, which was also a respondent in the case, said there were allegations against the company of siphoning off funds by the Singh brothers.

"We want to recover that amount from them," said senior appearing for Religare.

On this NCLT said:If you wish to initiate any proceedings, move a separate application.

Shivinder Thursday said he has decided to withdraw his petition in NCLT against Malvinder and Godhwani, as desired by his mother.

His plea in this regard in NCLT said: "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 petition, without prejudice to their rights and contentions."


Passing an interim order over Shivinder's earlier plea, the principal bench of NCLT on September 6 directed to maintain status quo over the shareholdings and composition of board.

As on August 27, Malvinder and Shivinder were the promoters of Religare on behalf of while RHC and were the promoter groups, according to data available on bourses.

The tribunal had also issued notice to Malvinder along with Godhwani and other respondents over Shivinder's petition alleging "oppression and mismanagement" of

It had also allowed both parties -- Shivinder and his wife -- and other party Malvinder to inspect documents and take photocopies of the records of RHC Holding.

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

First Published: Fri, September 14 2018. 12:40 IST
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