Religare pays INR 5.41 Crore to Sebi to settle legacy issues
- ByStartupStory | April 25, 2022
NBFC Religare Enterprises Ltd on 24th April said it has paid INR 5.41 crore to market regulator Sebi to settle its past legal issues andcases.
The company said in a statement that in order to settle another legacy issue and keep REL growing as per its expansion plans, it had submitted an application for settlement under the SEBI (Settlement Proceedings) Regulations, 2018 without denial or admission of SEBI’s findings.
The said application along with the settlement terms proposed by the firm were examined by SEBI which after taking into account the circumstances and facts of the case, approved that the specified proceedings may be settled upon payment of INR 5.41 crore,the statement said
The statement further added that certain compliance requirements were overlooked or rather not complied with during the period between April 1, 2011 to March 31, 2018.
The statement read “It may be noted that during the aforesaid period, the control and management of the company rested with erstwhile promoters Shivinder Mohan Singh andMalvinder Mohan Singh and certain other individuals who were accustomed to act on their instructions”
None of these is associated with REL now, the statement said, stating that the erstwhile promoters have been reclassified as public shareholders by the exchanges and REL is a professional company without any promoter.
The company further along with its subsidiaries have now been enthusiastically pursuing several legal recourses against such persons.
The current management is working systematically to restore REL to its rightful position as a major player in the BFSI domain and closing these legacy cases remains a top priority as the company embarks on a new journey with new businesses as well as fresh funding on the horizon, the statement said.
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