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Religare appoints Lakshminarayanan as chairman; Singh quits

Press Trust of India  |  New Delhi 

Financial Services firm Religare Enterprises today appointed former Home Secretary S Lakshminarayanan as executive chairman as part of major overhaul of its board.

Following the board's decision, promoter Malvinder Mohan Singh will relinquish his position as non-executive chairman and also resigned as Chief Executive Officer (CEO) of the company, said in a statement.

Lakshminarayanan is currently non-executive chairman of

Besides, the board has also roped in former Deputy Governor of Reserve of Kishori Udeshi.

The statement further said the board has expressed its intent to raise primary capital in and its key subsidiaries.

It company will review various strategic options including partnerships with complimentary businesses.

As part of board restructuring, it said, Rashi Dhir has resigned from the board as an while Mohit Maheshwari has stepped down from the position of the Company Secretary and Compliance Officer

The company appointed Krishnan Subramanian as Chief Officer (CFO) in place of Anil Saxena who resigned.

"Under the leadership of Lakshminarayanan, and with the induction of Udeshi, both of whom are immensely respected for their integrity and professionalism, we are certain that the company will unlock its true potential and create significant value for all its stakeholders," it said.

Malvinder continues to be member of the board. Last year, Singh along with his brother Shivinder Mohan Singh returned to executive role due to sliding business performance.

"Since then we have been engaging closely with the members of the Board and the Management to understand and address the issues and took a series of corrective measures to stabilise the company. We now feel the time has once again come for us to hand over the reins to a new committed professional team to drive Religare's future growth," the brothers said in a statement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 21:48 IST