Religare Enterprises has deposited Rs 5,41,80,000 with Sebi to settle one of the legacy issues.
Religare (Source: Shutterstock)
Religare Enterprises Limited (REL) said in an exchange filing on April 24 that it has resolved all legacy issues with the Securities and Exchange Board of India (Sebi).
The market regulator had reportedly brought to the notice of Religare Enterprises that certain compliance requirements were overlooked or not complied with during the period between April 1, 2011, and March 31, 2018.
REL pointed out that during this period, the control and management of the company rested with former promoters Malvinder Mohan Singh and Shivinder Mohan Singh and some others who “were accustomed to act on their instructions”. However, none of these people are associated with them any longer, the company assured.
“The erstwhile promoters have already been reclassified as public shareholders by the exchanges and REL is a professional company without any promoter. Further, the Company and its subsidiaries have been vigorously pursuing various legal recourses against such persons,” Religare Enterprises, a core investment company (CIC) registered with the Reserve Bank of India (RBI), added.
To settle the other legacy issue with Sebi, REL submitted an application under the Sebi (Settlement Proceedings) Regulations, 2018 without admission or denial of Sebi’s findings. The said application along with the settlement terms proposed by the company was examined by Sebi which having considered the facts and circumstances of the case, approved that the specified proceedings may be settled upon payment of Rs 5,41,80,000.
REL has complied with the direction and the money has been deposited with Sebi.
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.”Religare Enterprises resolves all legacy issues with Sebi - Moneycontrol
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