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Religare Enterprises inducts 3 new Board members

K.R.Srivats New Delhi | Updated on February 17, 2018 Published on February 17, 2018

Ashok Mehta appointed interim CEO



Religare Enterprises on Saturday said that the company has inducted three new Board members.

These three Board members are Vikram Talwar, an experienced banker and entrepreneur; Vijaya Bhaskar, retired Executive Director of the Reserve Bank of India; and Siddharth Mehta, the founder of Bay Capital Partners. The induction is subject to normal regulatory approvals, a Religare release said.

The company has appointed Ashok Mehta, who has been a non-executive independent director, as it's interim CEO.

Religare Enterprises also announced plans to raise additional funds of upto Rs 1,200 crore through a combination of equity and debt, the release added.

It plans to use the proceeds for investments to bolster its capital and to make investments in subsidiaries as required, the release said.

Meanwhile, a special sub-committee of the Board comprising of three new Board members has been appointed to review the entire business of the company and any specific governance issues.

Sub-committees of the Board for Audit, Risk, Corporate Governance and Compensation have also been reconstituted.

It may be recalled that Malvinder Singh and Shivinder Singh, promoters of the company, had resigned from the Board and now had no association with the company nor any responsibilities for its management and governance.

Published on February 17, 2018

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