'Conspiracy hatched to avoid litigation of Singh bros-Daiichi'

New Delhi: one of the defendants, in case of alleged embezzlement of funds from Religare Finvest (RFL) that involves ex Religare promoters Malvinder Singh , his brother Shivinder and two others, have said that the entire conspiracy was plotted to avoid ongoing litigation between the Singh and Daiichi brothers.

The former CMD company Sunil Godhwani, in his declaration of bail, said that in this way he made sure that no money or tenure came to the Singh brothers in their individual capacity, which was able to unite in the ongoing Daiichi case in The superior court of Delhi. . Meanwhile, a Delhi court on Thursday extended judicial custody of the Singh brothers and three others, including Godhwani, until November 14.

Godhwani, through his plea filed by advocate Rajat Katyal, said that in 2010 he got promoted as CMD of Religare Enterprises (REL), which owned 84% in RFL. Godhwani being the CMD of REL looked after RFL and other verticals. According to him, the Singh brothers "started asking for loans through various channels and entities which were personally guaranteed by them". The promoters were constantly asking for funds and had the ultimate say, his plea claimed.

The statement also claimed that the loan disbursement is in the public domain and even the RBI was informed about it. Godhwani also said that the Singh brothers were already at odds with him due to his constant follow-up for the cleaning of the ICDs (deposits between companies). According to their request, the Singh brothers decided to remove him from the presidency and joined REL to take care of their interests. The applicant did not receive a single rupee apart from his employment benefits during his employment at REL, the statement said. On October 23, the court was informed that the settlement talks between the Singh brothers and RFL were still inconclusive as they had not submitted any proposals to the company. The bond statement will be heard on November 6.