Fortis ex-promoter to withdraw NCLT plea against brother

Shivinder had earlier this month filed an application before the Delhi bench of the National Company Law Tribunal (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. Confirming the move, Shivinder said: “I have applied to withdraw the petition before NCLT, that is coming up for hearing.”

“There is a mediation process that has been kicked off and if it does not work I have the option of refiling it,” he added. In his application before NCLT, Shivinder has said: “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 respected by both her sons with a view to them settling inter se issues between them.” The application further 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.”

Shivinder’s counsel Ranjana R Gawai said the petition is not withdrawn yet but getting withdrawn because the ailing mother wants to get this matter sorted out within domestic forum through mediation. 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 RHC Holding board. As on August 27, Malvinder and Shivinder were the promoters of Religare on behalf of PS Trust while RHC Finance and RHC Holding were the promoter groups, according to data available on bourses.