Entities owned by the Burman family, Religare Enterprises Ltd’s top owners, have written to the Securities and Exchange Board of India (Sebi) and stock exchanges, requesting an investigation into movements in the financial services company’s shares by chairman Rashmi Saluja.
According to an email sent to Sebi and bourses on November 8, four entities – MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co – that collectively hold 21.24% of Religare said Saluja sold a portion of her personal holdings in the firm shortly after meeting with a representative of the Burmans.
The agent told her of the Burmans’ plan to make an open bid for the company’s ownership. According to a Religare official, the discussion with Burmans’ representative had nothing to do with Saluja’s selling of shares.
The letter to the authorities requesting an investigation follows allegations of fraud and other violations made against the Burman family by Religare’s independent directors to financial sector regulators including Sebi, Insurance Regulatory and Development Authority, and the Reserve Bank of India.
Allegations include, among other things, collusion with former owners, the Singh brothers; a pending fraud investigation against Dabur India chairman Mohit Burman; suspicions regarding the source of cash to be utilised for the acquisition; and market manipulation.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.