sebi:WTM/AB/IVD/ID2/24676/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions confirmed (with modification) requiring REL and RFL to recall loans of approximately Rs.2065.09 Crores (originally Rs.2315.09 Crores) extended to promoter-connected entities; proceedings against REL and RFL disposed of via Settlement Order dated May 31, 2022; adjudication proceedings initiated against remaining noticees including Shri Kavi Arora.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11B
- s. 12A
- s. 11(2)
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 2(54)
- s. 179
- s. 168(2)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(d)
Holding
The order directs Religare Enterprises Ltd and Religare Finance Ltd to recall loans aggregating approximately Rs.2065.09 Crores extended to promoter-connected entities, and proceeds to adjudicate against Shri Kavi Arora (Managing Director of RFL) for approving fresh Corporate Loan Book (CLB) loans to entities connected to the Erstwhile Promoters despite adverse RBI observations.
Full text
Final Order against Shri Kavi Arora – Religare Enterprises Ltd. Page 2 of 128 Holding Pvt Ltd (‘RHC Holdings’), Ranchem Pvt. Ltd., ANR Securities, Shivi Holdings Pvt. Ltd, Malav Holdings Pvt. Ltd, Shri Malvinder Mohan Singh and Shri Shivinder Mohan Singh, namely: “……………………………….. i. REL and RFL (i.e. Noticee nos. 1 & 2) shall initiate steps to recall all the loans, amounting to Rs.2315.09 Crores (approx.) , as specified in table no. 8 under para 4 above, extended, either directly or directly, to the Noticee nos. 3 to 25 (viz. OSPL Infradeal Private Limited, Bharat Road Network Limited , Platinum Infrastructure Pvt. Ltd, Ad Advertising Pvt. Ltd, Artifice Properties Pvt. Ltd, Best Health Management Pvt. Ltd, Devera Developers Pvt. Ltd, Vitoba Realtors Pvt. Ltd, Fern Healthcare Pvt. Ltd, Modland Wears Pvt. Ltd, Rosestar Marketing Pvt. Ltd, Star Artworks Pvt. Ltd, Tripoli Investment & Trading Co, Volga Management and Consultancy Pvt. Ltd, Zolton Properties Pvt. Ltd, Religare Comtrade Limited, RHC Holding Pvt Ltd , Ranchem Pvt. Ltd , ANR Securities, Shivi Holdings Pvt. Ltd, Malav Holdings Pvt. Ltd, Shri Malvinder Mohan Singh and Shri Shivinder Mohan Singh), along with due interest, within three months of the date of this order.
Final Order against Shri Kavi Arora – Religare Enterprises Ltd. Page 3 of 128 ANR Securities, Shivi Holdings Pvt. Ltd, Malav Holdings Pvt. Ltd, Shri Malvinder Mohan Singh and Shri Shivinder Mohan Singh), along with due interest.
Final Order against Shri Kavi Arora – Religare Enterprises Ltd. Page 4 of 128 Rs.10,50,75,000/-. In this regard, a separate Settlement Order came to be passed on May 31, 2022 qua REL and RFL whereby proceedings initiated vide the SCN against these entities were disposed of.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/IVD/ID2/24676/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.