Fin impact of 'redemption of preference shares' matter hinges on court case, probe: Religare

Religare Enterprises Limited (REL) Monday said the amount involved in the alleged issuance and redemption of preference shares during 2008-16 depend on the current investigations and outcome of judicial proceedings.

The legal case is between Daiichi Sankyo and Malvinder Mohan Singh & others for stay of redemption of 15,00,000 (13.66 per cent) non-convertible preference shares issued by Religare Enterprises.

Complaint is already filed with the Ministry of Corporate Affairs seeking investigation into various suspicious transactions undertaken at Religare Enterprises and its subsidiaries.

A complaint is also lodged with the Economic Offences Wing of the Delhi Police against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others for various offences, including cheating, criminal breach of trust and forgery.

On the nature of fraud and its estimated impact on the company, Reliagre said the "Alleged issuance and redemption of preference shares relates the listed entity (Religare) back to the years 2008 and 2016 for which impact depends upon the outcome of findings of the various ongoing investigations as well as the directions of judicial authorities with whom the matters are sub-judice".

REL will continue to cooperate with and render necessary assistance in the ongoing investigations in the matter, it added.