Religare Enterprises Ltd (REL) has deposited ₹ 5.41 crore with SEBI towards settlement of the proceedings initiated by market regulator for certain non-compliance during the period between April 1, 2011 to March 31, 2018.

It maybe recalled that during this 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. None of these are now associated with REL.

The erstwhile promoters have already been reclassified as public shareholders by the exchanges and REL is a professional company without any promoter. 

‘Keen to adhere corporate governance norms’

Commenting on the latest development, REL’s Executive Chairperson 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.”

 Upon receipt of the notice from SEBI, REL had acted promptly and approached the Regulator with its submissions so that SEBI’s concerns could be addressed.

REL had submitted an application for settlement 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 were examined by SEBI, which approved that the specified proceedings may be settled upon payment of ₹ 5.41 crore.

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