Religare Enterprises seeks cancellation of 2.50 cr preference shares allotted to RHC Finance

Religare Enterprises has filed a petition before the Hon'ble National Company Law Tribunal, New Delhi Bench (NCLT) on 14 June 2019 seeking rectification of Register of Members of the Company by cancellation of 0.01% 2,50,00,000 Preference Shares (Preference Shares) issued by the Company on 30 August 2016 to RHC Finance , a Promoter Group Company.

The said petition has been filed by the Company basis certain facts discovered by the new Management relating to illegality in issuance of the said Preference Shares.

By way of the aforesaid petition, amongst others, REL seeks avoidance of the abovesaid Preference Shares and consequent rectification of the register of members of REL. REL has also sought interim relief with respect to suspension of voting rights and dividend rights attached to the said Preference Shares.

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