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HomeBusinessReligare pays ₹5.41 cr to resolve all legacy issues with Sebi

Religare pays ₹5.41 cr to resolve all legacy issues with Sebi


NBFC Religare Enterprises Ltd (REL) on Sunday deposited 5.41 crore with market regulator Securities and Exchange Board of India (Sebi) towards settlement of its past cases. 

Sebi had brought to the notice of REL that certain compliance requirements were overlooked or not complied with during the period between April 1, 2011, and March 31, 2018.

In order to settle another legacy issue and keep REL growing as per its plans, it had submitted an application for settlement under the SEBI (Settlement Proceedings) Regulations, 2018 without admission or denial of SEBI’s findings, the company said in a statement. 

The said application along with the settlement terms proposed by the company were examined by SEBI which having considered the facts and circumstances of the case, approved that the specified proceedings may be settled upon payment of 5.41 crore, it said. 

It may be noted that during the aforesaid period, the control and management of the company rested with erstwhile promoters Malvinder Mohan Singh and Shivinder Mohan Singh and certain individuals who were accustomed to act on their instructions, it said. 

None of these is now associated with REL, it said, adding, the erstwhile promoters have already been reclassified as public shareholders by the exchanges and REL is a professional company without any promoter. 

Further, the firm and its subsidiaries have been vigorously pursuing various legal recourses against such persons. 

The current management is working tirelessly to restore REL to its rightful position as a leading player in the BFSI domain and closing these legacy issues remains a top priority as the company embarks on a new journey with new businesses and fresh funding on the horizon, it said.

Commenting on the development, REL’s Executive Chairperson Dr Rashmi Saluja said: “This is a reaffirmation of the consistent efforts made by the REL management to adhere to the highest levels of corporate governance. The current management is working tirelessly to restore REL to its rightful position as a leading player in the BFSI domain and closing these legacy issues remains a top priority as we embark on a new journey with new businesses and fresh funding on the horizon.”



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