Fortis former co-founder Shivinder Mohan Singh on Friday withdrew his petition from the National Company Law Tribunal (NCLT) against elder brother Malvinder Mohan Singh after repeated urging by his mother and family to engage in mediation to amicably resolve their differences.
A two-member bench of NCLT headed by its Chairman Justice M M Kumar allowed Shivinder to withdraw his plea on Friday.
“The NCLT today granted my request to withdraw the petition of oppression and mismanagement I had filed against my brother Malvinder, and Godhwani. I am indebted to the Court for accepting my request,” Shivinder said in a statement.
“The request to withdraw was made after repeated urging by my mother and family that Malvinder and I participate in mediation as a final attempt to resolve amicably the inter se issues between us,” he added.
Shivinder, saying the decision to file the case was made with a very heavy heart and after careful deliberation and the decision to withdraw was weighed equally seriously, also made it clear that his decision to end business ties with his brother stands.
“To allay justifiable skepticism, let me be clear: The decision to disassociate from my brother and tread an independent path stands,” Shivinder Singh said.
“I did so because my primary goal remains to address and resolve the group’s issues through constructive and transparent engagement with Daiichi Sankyo and our other creditors. It is clear that my brother and I cannot do so together,” Shivinder said.
“To that end, I intend to use the mediation process to get to a critical decision. Namely, whether my brother or I take full responsibility for resolving the group’s issues with Daiichi Sankyo and other lenders,” Shivinder added.
He said that in the event mediation fails, he intend to reassess and start a fresh action if that is what it takes to address all issues.
Earlier this month, Shivinder had filed an application before the Delhi 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.
(With PTI inputs)