Religare revamps board, appoints S Lakshminarayanan as executive chairman

Religare has also appointed Kishori Udeshi as an independent director on the Board

Beleaguered financial services firm Religare Enterprises has revamped its board and management team. The company has appointed S Lakshminarayanan, former secretary, government of India, as executive chairman.

Lakshminarayanan is also the current chairman and independent director of Shriram Transport Finance Co. Meanwhile, promoter Malvinder Singh has relinquished his position as non-executive chairman and but will continue as a non-executive board member.

"We have always believed that a professional management should run a diversified and highly regulated business such as Religare. However in July 2016, due to sliding business performance, we had to return back on the board. Since then we