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Old 09-11-2019 , 10:12 AM     VanLang76 est actuellement connect  search   Quote  
September 201&

How To Lose A $2 Billion Family Inheritance:
The Tale Of The Singh Brothers Of India
Dennis JaffeContributor
Leadership Strategy
I cover leadership of family business and wealth across generations.
In just a few years since inheriting a fortune from a company founded by their grandfather, brothers Malvinder and Shivinder Singh have managed to lose almost everything — including control over two public companies. Their story seems to affirm the axiom of “shirtsleeves to shirtsleeves in three generations,” a curse that plagues too many inherited family businesses. Reflecting on their recent history (and recognizing the lack of public information available), there are lessons to deduce on how to avoid this sad, but common, occurrence.

The Singh brothers were heirs to Ranbaxy Laboratories, which was then India’s foremost pharmaceutical company, founded by their grandfather Bhai Mohan Singh and stewarded by their father, Dr. Parvinder Singh, who died in 1999. The brothers, who each inherited one-third of the company, engineered its sale in 2008. After that, they heavily invested the proceeds into the fast expansion of Fortis Healthcare and Religare Enterprises, two other public companies they owned. They also loaned vast amounts of money to companies owned by a family headed by a spiritual leader whom they followed and who was a relative of theirs — Gurinder Singh Dhillon. Dhillon was a businessman as well, and he and members of his sect were central to investments made with loans from the brothers, including investments in a wide-ranging real-estate portfolio.

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