We would like to update that Religare Finvest Limited (RFL), wholly owned subsidiary company of Religare Enterprises Limited (REL / Company) has filed a Writ Petition in the Hon'ble High Court of Delhi in the matter of communication dated 11 February 2022 from the RBI advising that restructuring of RFL cannot be implemented with REL continuing as its promoter since RFL has been declared as "Fraud" exposure by lenders.
The Hon'ble High Court of Delhi by an order dated 18 February 2022 passed in the said Petition has inter alia directed as follows:
"Despite advance service none appears for the respondent (i.e. Reserve Bank of India). Having perused the impugned communication, it prima-facie appears that the respondent has ignored the vital fact that the erstwhile promoters of REL are no longer in charge of the affairs of either the petitioner company or of REL. In case the impugned order is not stayed, grave and irreparable prejudice will be caused to the petitioner as the banks are likely to take precipitative steps against the petitioner on account of the impugned communication. It is, accordingly, directed that till the next date, the operation of the impugned communication dated 11 February 2022 will remain stayed."
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www.religare.com/ investorservices@religare.com
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Religare Enterprises Limited published this content on 20 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2022 12:00:03 UTC.
Religare Enterprises Limited is an India-based emerging markets financial services company. The Company provides diversified financial services. The Company through its subsidiaries, is primarily engaged in the business of broking in securities and commodities, lending and investments, financial advisory services, distribution of third-party financial products, custodial and depository operations, and health insurance services to its clients. Its segments include investment and financing activities, support services, broking related activities, e-governance, and insurance. Its subsidiaries include Religare Capital Markets International (Mauritius) Limited, Religare Capital Markets (Europe) Limited (RCME), Religare Capital Markets (UK) Limited, Religare Capital Markets Corporate Finance Pte. Ltd., Religare Capital Markets Inc, Tobler UK Limited, Religare Capital Markets (HK) Limited, Religare Capital Markets (Singapore) Pte Limited, and Kyte Management Limited, among others.