One of the most remarkable pieces of evidence against Jaimal's claim, that Swami Ji gave him permission to become a guru, comes from Chachaji's Biography of Soami Ji Maharaj, published in June 1902. In the 1978 edition from Agra, pages 120 - 123, Chachaji talks about a Sikh soldier in the 24th Regiment whom died while the group passed through Agra. Chachaji does not date incident. It is a rather meaningless story about the soldier's death. This is the same 24th Regiment noted on page 36, of Mark Juergensmeyer's 'Radhasoami Reality' published in 1991. Beas 'Spiritual Letters', 1976, page xviiii statistics, also confirms Jaimal joined the 24th Sikh Regiment as a Sepoy in 1856. Chachaji's book was published in 1902, about 6 months before Jaimal was allowed by the Council to initiate. Jaimal had not yet been reprimanded by Chachaji for pretending to be a guru. That happened in 1903 . What is so amazing, is that in Chachaji's 150 page book on the biography of his brother Swami Ji, two full pages are related to that soldier of the 24th Sikh Regiment . Chachaji does not even mention Jaimal in these two pages, nor anywhere in the book !!! Not even when Chachaji spoke of Jaimal's Regiment , did he even mention his name . No where in the book is Jaimal mentioned .
Tags : Religare Enterprises open offer, Logos Holding Company open offer, Gurinder Singh Dhillon family, Radha Soami Satsang Beas, shareholders of Religare Enterprises Fri Dec 10 2010, 00:02 hrs
The capital market regulator has granted exemption to Logos Holding Company from making an open offer to the shareholders of Religare Enterprises for its acquisition of 19.53% stake in the company. Logos Holding is an investment arm of the Gurinder Singh Dhillon family.
Gurinder Singh is the current head of one of India's largest religious sect – Radha Soami Satsang Beas. At Thursday's closing price of Rs 460.95, the value of Logos Holding's stake is about Rs 1,163 crore. The Dhillons had acquired the shares at just over Rs 13 crore in 2006.
While seeking exemption from making an open offer, the Dhillons had said that they proposed to transfer their stake to Logos Holding to consolidate their individual shareholdings scattered across listed and unlisted companies.
The promoters of REL, Malvinder and Shivinder Singh and their investment vehicles hold 64.74% of the equity in the company, while financial institutions hold 3.83% in the company. The Singhs are followers of Radha Soami Satsang Beas. Including the Dhillon stake, the non-institutional holding in the company is 31.43%. The Sebi order says Logos should complete the proposed acquisition within 30 days from the date of passing of the order and thereafter file a report on the same within 15 days.
Church of Churchless post
December 10, 2010
Radha Soami Satsang Beas guru makes $254 million Wow, it really pays to be an Indian guru with the right connections. Check out this story, "SEBI nod for Radha Soami Satsang Beas." (SEBI is the Securities and Exchange Board of India.) The capital market regulator has granted exemption to Logos Holding Company from making an open offer to the shareholders of Religare Enterprises for its acquisition of 19.53% stake in the company. Logos Holding is an investment arm of the Gurinder Singh Dhillon family. Gurinder Singh is the current head of one of India's largest religious sect – Radha Soami Satsang Beas. At Thursday's closing price of Rs 460.95, the value of Logos Holding's stake is about Rs 1,163 crore. The Dhillons had acquired the shares at just over Rs 13 crore in 2006. After someone emailed me a link to this story, naturally I had to grab my calculator, find a rupee to dollar currency converter web site, and figure out how much Rs 1,163 crore and Rs 13 crore are in understandable American dollars. (A crore rupee is 10 million rupees.) Others can check my work, but I'm pretty sure the Gurinder Singh Dhillon family is the proud possessor of Religare Enterprises shares worth $257,187,507. Let's round it off and say... a quarter of a billion dollars. That's a lot of money.
Especially compared to what the story says the guru's family paid for the shares: $2,874,839 (Rs 13 crore). Last April I wrote about this in "Religare's money connections with the Radha Soami guru." Malvinder Singh, an initiate of RSSB, is deeply involved in the Radha Soami Satsang Beas organization, as is the rest of his family. This helps explain why the RSSB guru's sons, Gurpreet and Gurkirat, each ended up with about 10% of the shares in Religare according to a 2007 prospectus. On page 25 it says that Malvinder Singh and Shivinder Singh were allotted 49,575,000 equity shares in Religare at 10 rupees (about 23 cents) a share. Malvinder then transferred 6,250,000 shares to Gurpreet Singh, and Shivinder transferred 6,250,000 shares to Gurkirat Singh under guardianship of Ms. Shabnam Dhillon -- almost certainly because Gurkirat is only twenty years old. The cost also was 10 rupees a share. So the guru's sons each got 6,250,000 shares of Religare for $1,437,500 or thereabouts through an insider deal. Multiply $1,437,500 by two and we get $2,875,000. Which is almost exactly what the indianexpress.com story says the guru's family acquired the shares for in 2006. So this shows that an insider deal (which is legal, and not to be confused with stock trading that involves the illegal use of insider information) resulted in a quick profit for the Gurinder Singh Dhillon family of about $254 million over four years or so. These financial deals can be viewed in different ways.
Some people see nothing wrong with a guru who is considered to be "God in human form" raking in massive amounts of money from his involvement with Religare, a large Indian financial services group managed in large part by RSSB disciples. Others resonate with the message of my post, "RSSB's ties to Religare mix money and spirituality." What I've learned about the dealings between Radha Soami Satsang Beas and Religare doesn't feel right to me. It definitely goes against the grain of what I used to enjoy about being a member of RSSB: the focus on meditation, mysticism, charitable giving, and service to a spiritual community where everybody did their share, and nobody (seemingly) tried to get more than their share. That said, maybe I'm old-fashioned. Maybe I don't understand how modern-day gurus and their relatives can engage in insider trading deals with disciples while still remaining true to their philosophical principles. Maybe I'm missing the benefit to RSSB of having an inner circle derive large financial benefits that aren't available to other initiates. All I know is that philosophically and ethically, there are reasons for concern here.
There was a Radhasoami Satsang Beas book ‘Origin and Growth’ (that Gurinder asked to have removed from circulation). [In] there is a hidden principle which states “it is the basic principle of Sant Mat and especially of the Radhasoami faith, that the Satguru, being God Incarnate, has absolute authority and power to deal with His Parmarthi (religious) property of every kind in whatever way He likes. All Bhaints (offerings) made to Him by His followers and all properties inherited by Him from his Satguru become His personal properties and His power to use such properties is not restricted in any way.”
Radha Soami Satsang Beas, Origin And Growth. It is in in the copy of Great Master’s Will , 1937: “A number of satsangis have built houses in the Dera Baba Jaimal Singh with my permission and on land belonging to me and in my possession on the condition that they and their descendants can reside in the Dera only as long they have faith in the Master…and are considered to be suitable persons for residing in the Dera, otherwise they have no rights to live at the Dera and I or my successor shall be authorized to eject them any time we liked In the event of their ejectment, the satsangis concerned or their assignees will have no right of any sort to the land or materials of the building. I am the sole owner of the Dera and all properties connected therewith…”
--------------------------------GO TO LAST PAGE NEXT.