sebi:WTM/GM/IVD/ID2/47/2020-21
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Facts / Headnote
Directions issued vide the Interim Order read with the Confirmatory Order against entities at serial nos. 3 to 16 revoked; ongoing proceedings under Section 11/11B of the SEBI Act, 1992 against entities at serial nos. 1 to 16 disposed of and substituted with adjudication proceedings
Provisions invoked
- s. 11
- s. 19
Holding
SEBI revoked the directions issued under the Interim Order read with the Confirmatory Order against the entities at serial nos. 3 to 16 and disposed of the ongoing proceedings under Section 11/11B of the SEBI Act, 1992 against the 16 entities, substituting them with adjudication proceedings under appropriate legal provisions.
Full text
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 2 of 3
_____________________________________________________________________________ Order in the matter of Religare Enterprises Limited Page 3 of 3
Ltd., Bharat Road Network Ltd., 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. and Ranchem Private Limited, for their prima facie involvement in diversion of funds amounting to Rs. 2315.09 Crores from the books of Religare Finvest Limited (RFL), a subsidiary of Religare Enterprises Limited (REL), for the utilization of promoters and promoter group entities of REL, in violation of the provisions of the SEBI Act, 1992 and the regulations framed thereunder. Vide the Interim Order, SEBI had inter alia directed REL and RFL to initiate steps to recall all the loans, amounting to Rs.2315.09 Crores (approx.), extended directly or indirectly to certain entities including the abovementioned 16 Noticees, along with due interest, within three months of the date of the Interim Order. The said entities were also directed not to dispose of or alienate any of their assets or divert any funds, except for meeting expenses of day-to- day business operations, without the prior permission of SEBI, pending completion of the investigation and till further orders.
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Source: SecMarx — sebi:WTM/GM/IVD/ID2/47/2020-21. 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.