Stock exchanges have warned Religare Enterprises for delay in disclosure of senior official in the company.

Last November, the company made a disclosure on appoint of Rakesh Asthaana as Additional Director (to be designated as Whole Time Director) subject to approval of RBI.

On October this year, the company said RBI in its letter dated May 15 refused the approval for the appointment of Asthaana.

Referring to the above, both NSE and BSE in separate letters said it was observed that disclosure regarding the decision of RBI regarding non- approval for the appointment of Asthaana was disclosed by the company on October 24, 2024 after the exchange intervention which was with a delay beyond the timeline prescribed by SEBI.

“The aforesaid non-compliance on your part is viewed seriously. You are hereby warned and advised to be careful in future, exercise due caution and initiate corrective steps to avoid recurrence of such lapses so as to ensure due compliance with the applicable provisions of SEBI. Any aberration in future will be viewed seriously and appropriate action would be initiated,” it said.

The company was asked to disseminate a copy of the warning letter on the stock exchanges where they are listed and place it before their Board of Directors to avoid such lapses in future, it added.

Published on November 30, 2024