Singh will become non-executive vice-chairman with effect from January 2016
New Delhi: Fortis Health Care Ltd co-founder Shivinder Mohan Singh says that he intends to give back to society a part of what he has received during his corporate career by moving to serve full time at the spiritual retreat Radha Soami Satsang Beas (RSSB) to answer his inner calling.
“Having spent almost two decades setting up and running Fortis, our mission of saving and enriching lives is an integral part of my being,” Shivinder Singh, 40, said in a statement. “Over time this has inspired me to do more direct service and give back to society a little of what I have received in abundance.”
The Economic Times first reported on Wednesday that Singh, executive vice-chairman at Fortis, was moving to RSSB.
The company confirmed the report in an exchange filing on Wednesday. Singh will be non-executive vice-chairman of the company with effect from January. His brother Malvinder Mohan Singh will remain executive chairman and Bhavdeep Singh, who has recently joined as chief executive officer, will be responsible for running the business.
“A short while ago, I requested for Sewa at Radha Soami Beas, headquartered near Amritsar, and I am fortunate to have been accepted. I will move to Dera, Beas post transitioning my executive responsibilities at Fortis,” Shivinder Singh said.
According to its website, RSSB, together with its international affiliate, is a philosophical organization based on the spiritual teachings of all religions and dedicated to a process of inner development under the guidance of a spiritual teacher.
“RSSB was established in India in 1891 and gradually began spreading to other countries. Today RSSB holds meetings in more than 90 countries worldwide. It is a non-profit organisation with no affiliation to any political or commercial organizations.”
“The philosophy teaches a personal path of spiritual development which includes a vegetarian diet, abstinence from intoxicants, a moral way of life and the practice of daily meditation. There are no rituals, ceremonies, hierarchies or mandatory contributions, nor are there compulsory gatherings. Members need not give up their cultural identity or religious preference to follow this path.”
Shivinder Singh and Malvinder Singh, 42, helped build Ranbaxy Laboratories Ltd into India’s biggest drugmaker before selling it in 2008 to Japan’s Daiichi Sankyo Co., which agreed to pay $4.6 billion for a controlling stake. The billionaire brothers also have stakes in SRL Ltd, a diagnostics chain, and Religare Enterprises Ltd, a financial services firm.
“Our businesses are stable and Fortis is on a promising trajectory,” Singh said in his statement. “I want to assure our business partners and colleagues that I will continue to guide the organization to realize its full potential.”
Daiichi, which started facing scrutiny from the US. Food and Drug Administration over manufacturing practices at its Ranbaxy facilities, has sold the Indian business to Sun Pharmaceutical Industries Ltd, Asia’s biggest generic drug maker.
“He has led from the front, with enormous passion and energy and has played a significant role in transforming the private healthcare landscape in India by setting new standards of quality and care,” he said.
“Shivinder and I have always worked together and therein lies our strength. I wish him all the very best as he answers his inner calling,” Malvinder Singh said.
CEO Bhavdeep Singh said: “He has set very high standards for all of us and his enthusiasm, intellect and enterprise are his true legacy,” Bhavdeep Singh added.