Singh brothers step down from Religare board

Financial services firm Religare Enterprises said Malvinder Singh and Shivinder Mohan Singh have stepped down from the company’s board to focus on the group’s healthcare initiatives in the domestic and international market.

Sunil Godhwani, who was the chief executive, has now been promoted as the chairman and managing director of Religare Enterprises. The board also appointed Shachindra Nath and Anil Saxena as new members and designated Shachindra Nath as CEO.

Meanwhile, Religare is looking to expand its presence in other geographies and would offer more financial products in the country.

“We are looking to expand our portfolio for Religare, and we think this is the right time for us to give the full control to Godhwani. We believe our proposal to induct globally-acclaimed leaders in the Religare board would help the management team achieve our objective most expeditiously, but I cannot disclose their names at the moment but they are in the private equity and asset management business,” Malvinder Singh, the former chairman, said. The Singh brothers are looking to expand their healthcare business through hospital chain Fortis Healthcare. Recently, they acquired a 23.9% stake in Singapore-based Parkway for $685 million.