New Delhi: Former promoters of India’s leading pharmaceutical company Ranbaxy, brothers Shivinder Singh and Malvinder Singh, are once again at odds. The latest dispute centers on the Flight Lieutenant Rajan Dhal Charitable Society, involving property worth ₹500 crore and its annual revenue of ₹30 crore.
A Legacy of Conflict
The Singh brothers once held significant sway over India’s healthcare sector. The Ranbaxy story began in 1937 when cousins Ranbir and Gurbax started a pharmaceutical distribution company. The name “Ranbaxy” combined the first letters of Ranbir and the last letters of Gurbax. The company was sold to Mohan Singh in 1952, and later, his son Parvinder Singh took over. After Parvinder’s death in 2000, Shivinder and Malvinder Singh managed the company and owned major healthcare ventures including Fortis Healthcare and Religare Enterprises.
Financial Downturns and Legal Battles
In 2008, the brothers sold their stake in Ranbaxy to Japan’s Daiichi Sankyo for ₹9,576 crore. While part of this was used to repay debts and taxes, they invested heavily in Religare and Fortis, only to face losses. By 2010, they were removed from Religare’s board.
Daiichi Sankyo later accused them of misrepresentation in the Ranbaxy deal, as shortly after the transaction, the U.S. blocked imports of Ranbaxy drugs citing quality issues. The International Court of Arbitration in Singapore ordered the brothers to pay $50 million in damages, adding to a total liability of ₹13,000 crore. In just a decade, they lost approximately ₹22,500 crore.
Tensions escalated further when Shivinder Singh accused his elder brother Malvinder in September 2018 of harassment, fraud, and mismanagement. Both were arrested in October 2019 on financial fraud charges. Shivinder filed for bankruptcy under the IBC law at the NCLT in April 2025.
The Current Dispute
The ongoing conflict revolves around the Flight Lieutenant Rajan Dhal Charitable Society. According to police sources, Japna Singh, wife of Malvinder Singh, filed a complaint with the Economic Offences Wing (EOW) on 22 October 2025, alleging criminal conspiracy, forgery, and breach of trust.
She claims that in March 2025, Shivinder Singh and his wife Aditi illegally removed her and other members from the society under the guise of a meeting. They allegedly replaced them with Aditi’s relatives, gaining complete control over the society. This move reportedly allowed them to take over the society’s Fortis Rajan Dhal Hospital property worth ₹500 crore and its annual revenue of ₹30 crore.
Conclusion
The Singh brothers’ feud, spanning decades, financial collapses, and multiple legal battles, continues to affect major healthcare assets and has reignited disputes over control of charitable and commercial properties.
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