This story is from May 3, 2006

Ranbaxy feud: Analjit ready to talk

Rupali Mukherjee / TNN / May 3, 2006, 23:44 IST

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Says disputed shares are under bhai mohan singh foundation's 4 trusts.

NEW DELHI: Max India chairman Analjit Singh, who is also the sole legal heir to the Bhai Mohan Singh Foundation, is open to a dialogue with his nephews Malvinder and Shivinder, sons of late Dr Parvinder Singh, to sort out the issue arising out of the disputed shares of Ranbaxy Laboratories.
"I'm happy to talk to them (Malvinder and Shivender). I'm not litigating by nature", Analjit Singh told TOI, adding that he has not got in touch with them till now, and neither has the other side.
"According to my father's will, I am the sole legal heir and representative, and chairman of the Bhai Mohan Singh Foundation." "I also have a third role to play as that of the executor of the will," he added.
Bhai Mohan Singh, who died in March this year, has in his will nominated his younger son, Analjit Singh as his sole legal representative to continue the litigation against Ranbaxy Laboratories and the legal heir of his eldest son, Dr Parvinder Singh.

The dispute is understood to have started between Bhai Mohan Singh and Dr Parvinder Singh's family over the ownership of approximately 24 lakh shares of Ranbaxy.
Anlajit said after a family settlement way back in 1990, these shares came under the ownership of four trusts, run by the Bhai Mohan Singh Foundation. However, Dr Parvinder Singh's family does not think so. At the current market price, the value of these shares is around Rs 125 crore.

These shares include 4.39 lakh shares of Ranbaxy that Bhai Mohan Singh's will claims were jointly registered in his and Dr Singh's names.
The Bhai Mohan Singh Foundation had filed several cases in the Delhi High Court to settle the issue over the disputed shares after the death of Dr Parvinder Singh in 1999.
The issue has not been resolved over the last six years, but Analjit Singh says: "We will wait for the law to take its course. As of now, it (the case) is going in our favour."
If the case goes in his favour, he is willing to sell the disputed shares to the family. "I will not be gaining personally after the shares are sold. The money would flow to the Foundation which will carry out its objective," he added.
The Foundation, of which he is the chairman, is involved in several charitable initiatives, and has some eminent people on board including LM Singhvi, Abid Hussain, Karan Thapar, OP Mehra, KK Mathur and Dr SS Baijal.
When contacted, Ranbaxy CEO Malvinder Singh did not want to comment on the matter. Interestingly, Bhai Mohan Singh has also bequeathed Rs 5 lakh each to both his grandsons, Malvinder and Shivender.

About the Author

Rupali Mukherjee

A business journalist with around two decades of experience tracking key consumer-focussed sectors like consumer durables, retail, consumer goods, aviation, automobiles and advertising, as well as economic ministries of the Union government. Now, writes primarily on pharmaceuticals and healthcare, and on issues of consumer interest. Besides also looks at trends that are shaping consumer behaviour and the broad consumer landscape. \nYou can follow Rupali on Twitter@Rupalijee.

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