sebi:WTM/GM/IVD/34/2019-20
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Facts / Headnote
Interim Order directions confirmed with modifications: BRNL removed from recovery list (reduction of Rs.50 Crores), directions against BRNL and Religare Comtrade Limited revoked, restraint directions continued against Noticee nos. 5-17 and 19-25, and Malvinder Mohan Singh and Shivinder Mohan Singh restrained from associating with REL and RFL.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 3(b)
- Reg. 4(1)(b)
- Reg. 53(f)
Holding
The WTM confirmed the directions issued in the Interim Order dated March 14, 2019 against the Noticees for diversion of funds to the tune of Rs.2,315.09 Crores from RFL, with modifications removing BRNL from the recovery list (reducing recoverable amount to Rs.2,065.09 Crores) and revoking directions against BRNL and Religare Comtrade Limited, while continuing restraints on other Noticees and barring the Singh Brothers from associating with REL and RFL.
Full text
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 2 of 29
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 3 of 29
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 4 of 29
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Source: SecMarx — sebi:WTM/GM/IVD/34/2019-20. 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.