National Company Law Tribunal allows Shivinder to withdraw 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.

A two-member bench of the NCLT headed by its chairman Justice MM Kumar Friday allowed Shivinder to withdraw his plea. However, a counsel 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 counsel Abhinav Vashistha appearing for Religare. On this the NCLT said: “If you wish to initiate any proceedings, move a separate application.” Shivinder on Thursday said he had decided to withdraw his petition in the NCLT against Malvinder and Godhwani, as desired by his mother.

His plea in the NCLT stated: “Out of respect for their mother, the parties have already started mediation and as per the request of the mediators, 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 the NCLT on September 6 directed the maintenance of status quo over the shareholdings and composition of the RHC Holding board.