Religare Finvest

ED attaches Rs 124 crore worth assets in probe against Religare Finvest

The Enforcement Directorate on Tuesday said it has attached assets worth more than Rs 124 crore belonging to various companies as part of a money laundering investigation against Religare Finvest Limited (RFL) and others. The properties attached, as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA), are in the form of land and farm houses located in the "posh" area of Gurugram and Delhi and belong to R S Infrastructure Pvt. Ltd., Kenwood Mercantile Pvt. Ltd., M/s Goodfaith Builders Pvt. Ltd. and others, the central agency said in a statement. The total value of these assets is Rs 124.57 crore. Kenwood Mercantile Pvt. Ltd. and Goodfaith Builders Pvt. Ltd are entities belonging to the M3M group, a Gurugram-based realtor and 430 acres of land in Gurugram and Faridabad belonging to these entities has been attached being the "proceeds of crime flowing through a maze of companies to the M3M group", it said. The agency alleged a partnership firm by the

ED searches Essel Group companies in Religare Finvest money laundering case

Meanwhile,Essel Group said the search conducted by the ED was related to an enquiry regarding Religare Group

Burmans' misleading information about chairperson far from truth: Religare

Religare Enterprises Ltd (REL) on Thursday launched an attack on Burmans saying recent misleading information shared in the public domain by them is not only far from the truth but can best be described as false claims without evidence. The Burman family on Wednesday called for an investigation into the allotment of an 8 per cent share of Religare Finvest Ltd to Religare Enterprises Chairman Rashmi Saluja through Employee Stock Ownership Plans (ESOPs). Terming the allotment "unfortunate," the Burman family, the largest shareholder of REL, in which it collectively owns 21.24 per cent through its entities, said the process "raises a question mark on the management and the independence of the independent directors" of the diversified financial services firm. In a rebuttal to Burman family allegations, the REL board and the independent directors, in a statement, said, "The recent misleading information shared in the public domain by the Burmans is not only far from the truth but can bes

Investigate Religare Finvest's 8% ESPOs allotment to Saluja: Burman family

Burman family on Wednesday called for an investigation into the allotment of 8 per cent share of Religare Finvest Ltd to Religare Enterprises Chairman Rashmi Saluja through Employee Stock Ownership Plans (ESOPs). Terming the allotment as "unfortunate", the Burman family, the largest shareholder of REL in which it collectively owns 21.24 per cent through its entities, said the process "raises a question mark on the management and the independence of the independent directors" of the diversified financial services firm. The Burman family, the promoter of Dabur India and other entities such as Eveready Industries, had in September announced a Rs 2,116 crore open offer to the shareholders of Religare Enterprises Ltd (REL) to acquire up to 26 per cent stake in the company. "It is unfortunate that a solitary executive has cornered a significant quantum of remuneration through ESOPs at REL, Care Health Insurance Limited, and RFL, all without approval and requisite disclosure to REL ...

Sebi issues demand notices to 11 entities in Religare Enterprises case

Capital markets regulator Sebi has issued notices to seven entities asking them to pay Rs 4.3 crore within 15 days in a case concerning diversion of funds of Religare Finvest, an arm of Religare Enterprises. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The seven entities that received notices are -- Torus Buildcon, Artifice Properties, Rosestar Marketing, Oscar Investments, Ad Advertising, Zolton Properties, and Saubhagya Buildcon. The demand notices came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in October 2022. In seven notices issued on Monday, Sebi directed them to pay Rs 4.3 crore, which includes interest and recovery cost, within 15 days. In the event of non-payment of dues, the regulator will recover the amount by attaching and selling their moveable and immovable properties. Besides, the entities will face attachment of

Want to become a 360 degree financial services company: Religare's Saluja

"These are to get into asset reconstruction business, alternative investment fund business, wealth management and similar synergistic business, which the existing management can start"

Religare Finvest signs settlement agreement with all its lenders for OTS

Debt-ridden Religare Finvest Ltd (RFL) on Friday said it has signed a settlement agreement with all its lenders for a one-time settlement, clearing the deck for the NBFC to exit from the Corrective Action Plan imposed by the RBI. Religare Enterprises, the parent company of RFL, has entered into an agreement in connection with the OTS with all 16 secured lenders for full and final settlement with respect to all their outstanding dues, a regulatory filing said. RFL has been under a Corrective Action Plan (CAP) since January 2018 due to its weak financial health. RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by the State Bank of India (SBI). Other lenders include the Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, Bank of India, IDBI Bank, Punjab & Sind Bank, and Bank of Maharashtra. The regulatory filing said RFL would ensure compliance with the terms and conditions of the said OTS (one-time ...

Most of RFL lenders approve Rs 2.3k-cr OTS plan, on track to restart biz

Debt-ridden Religare Finvest Ltd (RFL) is hopeful of restarting its business operation in the New Year following the company's proposal of Rs 2,300 crore One Time Settlement (OTS) finding favour from most of the lenders. Once the OTS process is completed, RFL will come out of the Corrective Action Plan (CAP) imposed by the Reserve Bank of India in January 2018 due to its weak financial health. According to sources, 14 out of 16 lenders have signed the OTS agreement and the remaining two are expected to sign in a day or two, sources said. Query to RFL did not elicit any response in this regard. RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival. The company and its promoter are ready to make payment during this month itself even though they

Sebi slaps Rs 21 cr fine on 52 entities in Religare Finvest fund case

Capital markets regulator Sebi has imposed a fine totalling Rs 21 crore on 52 entities, including Fortis Healthcare Holdings, in a case pertaining to huge diversion and misutilisation of funds of Religare Finvest, an arm of Religare Enterprises. They have been asked to pay the fine within 45 days, according to an order passed by the Securities and Exchange Board of India (Sebi) on Monday. The case involves a complex web of transactions whereby the funds of listed company Religare Enterprises Limited (REL) were diverted through its subsidiary Religare Finvest Ltd (RFL) for the ultimate benefit of the erstwhile promoters -- RHC Holding, Malvinder Mohan Singh and Shivinder Mohan Singh. Funds were also misutilised for repayment of earlier loans taken from RFL. "The whole scheme of fraud led to diversion of funds of Rs 2473.66 crore out of a material subsidiary of REL and also mis-utilisation of funds of Rs 487.92 crores of RFL," Sebi said in its 390-page order. Such a huge diversion an

Religare Finvest fund reroute: Sebi slaps Rs 60-cr fine on Singh brothers

The case relates to alleged siphoning of Rs 2,315 crore from RFL to benefit promoters and connected entities

Lenders to consider loan settlement proposal of RFL: Religare Enterprises

Post RFL's OTS completion, it will have healthy prudential ratios, well above those prescribed by RBI

Religare Enterprises, Religare Finvest settle Sebi case; pay Rs 10.5 cr

The order came after the two companies filed an application with Sebi proposing to settle the regulatory violations "without admitting or denying the findings" through a settlement order.

Religare Finvest defaults on an interest payment to NCD holders

Religare Enterprises on Tuesday said its debt-ridden subsidiary Religare Finvest Ltd (RFL) has defaulted on an interest payment due on March 28 for the non-convertible debentures (NCDs). The company defaulted on an interest amount of Rs 2.41 crore, Religare Enterprises said in a regulatory filing. As a result, four investors would be deprived of their interest due. It is to be noted that the RBI on March 11 declined the restructuring of RFL with Religare Enterprises continuing as its promoter since debt-ridden NBFC has been declared as "Fraud" exposure by lenders. RFL subsequently filed a writ petition before the Delhi High Court seeking a stay of operation of the aforesaid order besides other reliefs, it said. The Delhi High Court had stayed the impugned communication of the RBI dated February 11, 2022. As advised by RFL lenders, it said, all payments of RFL need prior certification from ASM (Agencies for Specialized Monitoring) appointed by the lenders. "Accordingly, RFL reques

Siphoning of RFL funds: SC dismisses interim bail plea of Shivinder Singh

The Supreme Court on Wednesday dismissed the plea for interim bail of former Fortis Healthcare promoter Shivinder Mohan Singh who along with others is accused of misappropriating Rs 2,397 crore.

Religare Enterprises to create war chest for new business ventures

The company said it was in the process of creating a war chest to grow the new ventures organically and inorganically

Religare Enterprises is now debt-free, shares up 3% amid new vertical plans

The company said it will enter new sectors such as Asset Reconstruction, Alternate Investment Funds, Insurance Broking, Digital Wealth Management

Delhi High Court stays RBI order on Religare unit debt recast

The Delhi High Court (HC) put an order by the central bank against the debt recast of shadow lender Religare Finvest on hold until the next hearing.

Religare Finvest debt recast in doubt as company gets 'fraud' tag from RBI

Promoter Religare Enterprises contests tagging of Religare Finvest Ltd as 'fraud'

Religare Finvest, Fortis' officials pay Rs 4.3 cr to settle case with Sebi

n investigation was initiated by Sebi in the matter of Fortis Healthcare Ltd (FHL) after an article published in February 2018 said its promoters have taken at least Rs 500 crore out of FHL

Ex-Religare CEO sent to judicial custody in connection with fund siphoning

A Delhi court sent Krishnan Subramanian to judicial custody for four days in connection with the alleged siphoning of public money to the tune of Rs 2397 crore of Religare Finvest Limited (RFL).