Sunil Godhwani's exit underlines Religare's slide

Move comes at a time when the firm's fund raising plans, proposed deals are under scrutiny

Sunil Godhwani, who oversaw the growth of Religare Enterprises from a small non-banking finance company, quit its board of directors on Wednesday, amid deepening trouble for the financial services major. He is the fourth director to quit in the past few months.

This comes when the company’s fund raising plans and proposed related party transactions are under scrutiny from lenders and corporate governance advisory firms. In April, Monish Kant Dutt, a nominee of IFC, resigned from the Religare board. That was less than two weeks after Ravi Mehrotra, a non-executive director, stepped down.

Following this, the company postponed release of its FY17