Religare Case

Religare Enterprises has withdrawn its appeal at the NCLAT against a competition watchdog CCI order that allowed four Burman group entities to acquire a 5.27 per cent stake in the financial services firm. The move comes after the Burman Family, through its investment firms, gained a controlling stake in Religare Enterprises Limited (REL) after acquiring 25.16 per cent of equity shares through an open offer. The total holding of Burman family, which also owns FMCG firm Dabur and Eveready, now exceeds 50 per cent, consolidating their position as the largest shareholders in the company. During the proceedings, the "authorised signatory for Appellant (Religare) is present and submits that he is under the authorisation to say the Appellant is not interested in pursuing the matter and intends to withdraw this appeal", the NCLAT order said. "In view of this, the appeal stands dismissed as withdrawn. All the pending applications are also disposed of," a two-member bench ordered last week.

In a stock exchange filing, Religare said both resolutions have 'failed to pass with requisite majority as per Section 114(2) of the Act'

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

A Delhi court has dismissed an anticipatory bail plea of Avinash Chander Mahajan, former independent director of Religare Finvest Ltd

The court took cognisance of the charge sheet and summoned the accused for January 20

The police also arrested former Religare Finvest MD Kavi Arora, and former Religare Group CFO Anil Saxena along with former Religare MD Sunil Godhwani

REL's subsidiary Religare Finvest (RFL) had filed the complaint with the EoW, alleging fraud and misappropriation of funds to the tune ofRs740 crore and had named the Singh brothers and others

The statement comes at a time when there is big furore in the country over the Rs 114 billion PNB scam

The sections mandate that only parties or individuals who own more than 10% stake in a company can appeal at the NCLT