Shivinder Singh withdraws oppression & mismanagement case against elder brother

Fortis Healthcare founder, Shivinder Singh has again moved the National Company Law Tribunal. This time to withdraw his petition alleging oppression and mismanagement in RHC Holding by elder brother and Fortis co-founder Malvinder Singh..RHC Holding, which is the holding company of Fortis Healthcare, is jointly owned by the two brothers..The withdrawal application states that the parties have decided to settle their disputes through mediation..“That 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 captioned Petition, without prejudice to their rights and contentions. .All rights of the Petitioners are hereby reserved. “, it reads..Shivinder Singh had filed a plea under Section 241, 242, 244 of the Companies Act, 2013 against Malvinder Singh, former Managing Director of Religare Sunil Godhwani and others, alleging “various acts of oppression and mismanagement”..These “acts”, Shivinder Singh had alleged, ultimately resulted in depletion of his wealth along with an “unwarranted loss of reputation & credibility” and put his company, Shivi Holdings in an “unsustainable debt trap“..In his petition, Shivinder Singh had sought for a direction reconstituting the Board of Directors of RHC Holding in exclusion of Malvinder or his representative.