Page 2 - Religare

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

RBI asks Religare to submit fresh application for stake transfer of RHDFCL

The Reserve Bank of India has rejected Religare Enterprises' proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application. Religare Finvest Limited (RFL) is a wholly owned subsidiary of Religare Enterprises. Religare Enterprises entered into a Share Purchase Agreement on April 5 with Religare Finvest Limited and Religare Housing Development Finance Corporation Limited for acquisition of entire 87.5 per cent equity stake of RHDFCL held by RFL, Religare Enterprises said in a regulatory filing on Thursday. The Reserve Bank of India (RBI) has returned the application made by RHDFCL for prior approval with an advice to submit a fresh one with complete information, it said. In pursuance of the Share Purchase Agreement, RHDFCL would submit the application in due course, it added. RFL was put under the Corrective Action Plan Framework by the RBI in January

Sebi halts Religare Commodities' registration in NSEL paired contracts case

Markets regulator Sebi on Tuesday suspended the registration of brokerage firm Religare Commodities for its alleged involvement in illegal paired contracts on the now defunct National Spot Exchange Ltd (NSEL). By providing access for taking exposure to 'paired contracts', the brokerage exposed its clients to the risk involved in trading in a product that did not have regulatory approval, Sebi said in its order. Further, the regulator said the trading activities of the noticee (Religare Commodities) in 'paired contracts' for its clients on the NSEL platform have serious ingredients jeopardising the competence and integrity of the noticee in the securities market. Accordingly, Sebi has suspended the registration of Religare Commodities as a commodities derivative broker, for three months from the date of this order or till the FIR filed against the broking firm by EOW (Economic Offences Wing) ceases to be pending or till the noticee is acquitted by a court about the FIR, whichever is

T+0 settlement will be a watershed moment for us: Gurpreet Sidana, Religare

Broking industry has moved beyond pricing, additional exposure limits, and tips, says Gurpreet Sidana, chief executive officer at Religare Broking

Religare chief Rashmi Saluja claims corporate gender discrimination

Religare Enterprises Chairperson Rashmi Saluja, who is under attack from promoters of Dabur Group, on Tuesday said she was a victim of corporate gender discrimination. The accusations not only target Saluja but also undermine the entire management and board, who have tirelessly worked towards making Religare a debt-free organisation over the past five years, Religare Enterprises said in a statement. Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities seeking a probe into the sale of shares by Religare Enterprises Ltd's Chairman Rashmi Saluja. In response to the accusations, Saluja, through a spokesperson, said, "The recent allegations are not just an attack on me but an attack on the entire leadership and board. We remain steadfast in our commitment to transparency and fairness. The share sales were conducted following due processes, and we are confident that truth will prevail." She added, "I believe in the power of resilience. Our fight i

Religare board rallies behind chairperson Saluja, defends her share sale

Financial services company rejects Ingovern's allegation of excessive remuneration

Dabur's Burman family seeks probe in sale of share, Religare denies charges

Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities seeking a probe into sale of shares by Religare Enterprises Ltd's Chairman Rashmi Saluja. As per the complaint, Saluja sold her share in Religare Enterprises Ltd (REL) immediately after the Burman family disclosed to her that they intend to make an open offer for the financial services firm. Entities controlled by the Burman family -- promoters of FMCG major Dabur -- have written to the Securities and Exchange Board of India (Sebi) and stock exchanges that Saluja sold a portion of her personal holdings in Religare Enterprises Ltd a day after meeting a representative of the Burmans on September 20. Saluja at the meeting was informed about the intentions of Burmans, who held a 20.15 per cent stake in REL and had bought another 5 per cent, to make an open offer to buy another 26 per cent stake from open market to take a controlling stake in the financial services firm, Dabur India chairman Mohi

Burmans write to Sebi seeking probe into Religare share sale by chairperson

The Burman family has written to the Securities and Exchange Board of India, seeking a probe into trades in the shares of the Religare Enterprises Ltd by chairperson Rashmi Saluja

Burmans seek to boost financial services play with control of Religare

The Burmans now want to "increase the family's stake and take control" of Religare, in a move that will pit them against other billionaire families in the same business

Burman family makes open offer to acquire 26% stake in Religare Enterprises

In August, the family acquired a 7.5 per cent stake in Religare Enterprises for Rs 534, taking its total stake to 21 per cent

Religare ties up with Nasscom CoE to drive tech innovation, biz processes

Religare Enterprises Limited (REL) and Nasscom Centre for Excellence (CoE) IoT have entered into a strategic partnership to strengthen business processes and solution landscape. The tie-up will help infusion of cutting-edge technology and innovation. It will also enhance customer experience and drive operational efficiencies and data security while creating long-term value within the sector. Nasscom CoE's expertise in co-creation and vast network of startups and SMEs specialising in emerging technologies, such as AI, ML, AR/VR, Robotics, Blockchain, Drones and IoT will present Religare Group the access to relevant innovators and their technology, the company said in a statement. The group will continue to explore potential business collaborations tailored to the company's specific needs and seize possible opportunities to benefit the enterprise and BFSI sector, it added.

Religare Enterprises reports net profit at Rs 20 cr in March quarter

Religare Enterprises on Thursday posted Rs 20 crore profit on a standalone basis for the fourth quarter ended March 2023. The company had registered a net loss of Rs 7 crore in the January-March quarter of the preceding fiscal. The total income increased to Rs 41 crore against Rs 8 crore in the same quarter a year ago, Religare Enterprises said in a regulatory filing. Its total expenses swelled to Rs 21 crore against Rs 15 crore earlier, it added. On a consolidated basis, Religare Enterprises posted a loss of Rs 3,517 crore for the fourth quarter against a loss of Rs 588 crore a year ago. The company continues to be barred from declaring dividends as per an RBI letter issued in December 2019, it said. Last month, Religare Enterprises said it will acquire Indian Express Group's insurance web aggregator MyInsuranceClub in an all-cash deal. The company said in a statement that it has signed a share purchase agreement for the proposed acquisition of MyInsuranceClub from iGear Holdin

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"

Singh brothers get 6-month jail term in Fortis-Daiichi Sankyo case

Former Ranbaxy promoters Malvinder Singh and Shivinder Singh are accused of concealing information about wrongdoing at Ranbaxy during its sale of a majority stake to Daiichi Sanyo, in 2008

Online brokers alone can't serve new retail investors: Religare Broking CEO

We have launched an aggressive discount broking plan, Religare One Pro Plan, to counter the discount broker model and attract Gen Z and millennial clients, says Nitin Aggarwal

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 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

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).

Former Religare CEO held for siphoning off Rs 2,397 crore public money

The Delhi Police constituted a team and apprehended Subramanian on Wednesday