sebi:WTM/GM/IVD/100/2018-19
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Facts / Headnote
Interim directions issued pending investigation: REL and RFL to recall Rs.2315.09 Crores loans with interest within three months; Noticee nos. 3 to 25 not to dispose/alienate assets or divert funds without SEBI permission; Shri Malvinder Mohan Singh and Shri Shivinder Mohan Singh not to associate with affairs of REL and RFL till further directions.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 3
- Reg. 3(b)
- Reg. 4(1)(b)
- Reg. 53(f)
Holding
On prima facie finding of diversion of Rs.2315.09 Crores from RFL, subsidiary of listed REL, for ultimate benefit of promoters, SEBI issued interim ex-parte directions to recall loans, freeze asset disposals, and restrain erstwhile promoters from associating with REL/RFL pending detailed investigation.
Full text
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 2 of 24
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 3 of 24
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 4 of 24
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Source: SecMarx — sebi:WTM/GM/IVD/100/2018-19. 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.