THE HEAD of Radha Soami Satsang Beas, Gurinder Singh Dhillon, has, for the first time, admitted to financial transactions between himself and ex-Religare Enterprises (REL) promoters Malvinder and Shivinder Singh.
In an affidavit filed before the Delhi High court on November 12, Dhillon has disclosed about the financial transactions between RHC holdings Ltd and his family members dating back to 2006.
The court had in October ordered Dhillon along with his wife Shabnam, sons Gurkirat and Gurpreet and daughter in law Nayan Tara to deposit the amount owed to RHC holdings pvt Ltd in connection with the execution of Rs 3500 crore arbitration award won by Japanese form Daiichi Sankyo against former Ranbaxy promoters.
While in his plea Dhillon had told the court that RHC Holding has made false claims. The court in its order had then asked the Dhillons to file relevant documents related to their dealings and transactions with the garnishees and their related companies.
The Dhillons are among 55 individuals and entities ordered by the court to pay over Rs 6000 crore owed to RHC holding in connection with the settlement of a dispute to Daiichi Sankyo’s acquisition of Ranbaxy laboratories.
Dhillon has claimed that as the two families were then in a “very close relationship”, they did not record any written agreement. He has absolved his family members from any involvement in the financial transactions carried out by him.
He, however, distanced himself from allegations of fund diversion by claiming that the brothers, as well as RHC had “deliberately” avoided giving a clear picture of all transactions between them as it would show “that nothing whatsoever is owed by the deponent (Dhillon) and his family members” to RHC or any of its subsidiaries.
The transactions alleged by Dhillon are in violation of Securities and Exchange Bureau of India (SEBI) norms on promoters’ role in rights issues of companies.
The religious sect head also states in his affidavit that in 2006, he had, on behalf of his sons, purchased REL shares worth Rs 12.50 crore. Of this, Rs 6 crore was loaned to Gurpreet and Gurkirat by RHC. A further sum of Rs 35 crore was taken out by his sons as loans for personal purposes, but was subsequently returned in 2011, Dhillon claimed in his affidavit.