The Enforcement Directorate (ED) has taken significant legal action against Religare Enterprises Ltd (REL) by filing a First Information Report (FIR) against Executive Chairperson Rashmi Saluja and two other top executives. This development arises from allegations involving a conspiracy and cheating case linked to the Burman family of the Dabur Group.
Key Figures and Allegations
The FIR, registered on September 6, 2024, names Rashmi Saluja, Group CFO Nitin Agarwal, and President and General Counsel Nishant Singhal as primary accused individuals. The complaint, originally filed by Vaibhav Gawli, alleges fraudulent activities aimed at deceiving Religare Enterprises shareholders. The charges against the accused include Sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code.
Recent Developments
On August 23, 2024, ED officials conducted searches at the premises of key personnel within Religare Enterprises, including Saluja. According to REL’s regulatory filing, the searches were carried out at the offices of senior executives including Saluja, Agarwal, Singhal, and Chirag Jain, Chief Operating Officer of Religare Finvest Ltd—a fully owned subsidiary of REL.
The case stems from a 2023 FIR filed by Gawli under various sections of the Indian Penal Code, which encompass charges of cheating and criminal conspiracy. This complaint triggered the ED’s investigation into the alleged attempts to defraud Religare shareholders and other stakeholders.
Broader Context
Gawli’s complaint named a total of 14 individuals and entities in connection with the case. Among the accused are former REL promoters Shivinder Mohan Singh and Malvinder Mohan Singh, as well as representatives from the Burman Group’s acquiring companies, including MB Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company. The FIR also includes several members of the Burman family—Mohit Burman, Vivek Chand Burman, Monika Burman, Anandchand Burman, Mini Burman, and Adityachand Burman—as well as Abhay Kumar Agarwal and JM Financial Ltd, the manager of the open offer.
Conclusion
This unfolding legal drama highlights the complexities of corporate governance and shareholder protection. As the investigation continues, further developments are anticipated. Stay tuned for more updates on this high-profile case involving one of India’s major corporate groups.
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