Photo: Parveen Kumar/HTMumbai: India’s billionaire Singh brothers, already embroiled in one international legal battle over alleged fraud, are being accused of “diversion, siphoning and digression of assets” by a New York-based investor in a lawsuit filed in the high court of Delhi. The Singhs “are engaged in systematically plundering” Finvest, diminishing the ability of the parent company to honour its obligations, the suit alleges. Interest on $283 million in loans still outstanding does not appear to be being paid, the suit alleges. On 5 January, the high court ordered the bank deposit be left where it is, the documents show. The lawsuit alleges the Singhs were able to circumvent Finvest’s board on these transactions through a special committee they controlled that independently authorized loans and investments.

Source: Mint January 29, 2018 04:07 UTC