Religare Enterprises Pays Rs 5.41 Crore to SEBI

Religare Enterprises Ltd (REL) announced on Sunday that it had paid Rs 5.41 crore to market regulator SEBI to resolve the previous proceedings. The company has said in a statement that in order to settle another legacy issue and keep REL Growing as per its plans, it had submitted an application for settlement under the SEBI Regulations, 2018 without admission or denial of SEBI’s findings. 

The application was reviewed by SEBI, along with the terms of the settlement proposed by the company, and SEBI stated that it had approved the alleged case to be settled for a payment of Rs. 5.41 crore after reviewing the facts and circumstances of the case.

During the above period, the management and control of the company depended on former promoters Malvinder Mohan Singh and Shivinder Mohan Singh, and certain individuals accustomed to acting on their orders, it said. 

Neither of these is currently affiliated with REL, adding that the former promoter has already been classified as a public shareholder by the exchange and REL is a professional company without a promoter.

Current management continues to work tirelessly to return REL to its legitimate position as a leader in the BFSI space, and solving these legacy issues will allow the company to look at new businesses and new funding. It is a top priority when embarking on a new journey.