The Company's management has welcomed the decision, reiterating its resolve to completely revive the Religare Group and establish it as a diversified financial services conglomerate.
20.12.2023 - 16:25:36Religare Welcomes Delhi High Court Order to Remove ?Fraud? Tag from Religare Finvest Limited
Business Wire IndiaThe Hon’ble Delhi High Court has ordered the removal of the ‘fraud’ tag from Religare Finvest Limited (RFL), a wholly owned subsidiary of Religare Enterprises Limited (REL), after lead bank had put the RFL’s account on the Reserve Bank of India’s (RBI) Central Fraud Registry.
The order dated 18 December 2023 came after RFL had filed a Writ Petition before the Hon’ble Delhi High Court with respect to the declaration of RFL’s account as ‘fraud’ exposure by the lead Bank.
Earlier this year, in March, RFL achieved a milestone when it completed a One-Time Settlement with 17 lenders through organic collections. The Company paid more than Rs 9000 crores to the country’s banking system. Currently, RFL is awaiting the lifting of the RBI Corrective Action Plan (CAP) that was implemented in January 2018.
Commenting on the removal of the fraud tag, Dr Rashmi Saluja, Executive Chairperson, REL & CMD RFL said, “We wholeheartedly welcome the Hon’ble High Court’s ruling, acknowledging it as a validation of our steadfast commitment to excellence and integrity. The decision by the Court is evidence of our resolve towards a full-scale revival of the business and establishing Religare Group as a diversified financial services conglomerate. Through our efforts, we have made Religare Finvest Limited business-ready.”
Mr Pankaj Sharma, Chief Executive Officer, RFL said, “We are grateful to the Hon’ble High Court for the removal of the ‘fraud’ tag. We remain unwavering in our pursuit of good work, guided by the principles of fairness, integrity and the relentless pursuit of excellence and revival of the organisation.”
The Central Fraud Registry was constituted under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016.
About Religare Enterprises Limited
Religare Enterprises Limited (REL), a Core Investment Company (CIC) registered with the Reserve Bank of India (RBI), is a diversified financial services company. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL is listed on the BSE (Bombay Stock Exchange) and National Stock Exchange (NSE) in India. The Religare Group (REL & subsidiaries) reaches over 1 million policyholders in the insurance business, 1 million plus broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance. The Group employs more than 11,000 professionals servicing this diversified customer base with a presence in over 1,000 locations across India.
The order dated 18 December 2023 came after RFL had filed a Writ Petition before the Hon’ble Delhi High Court with respect to the declaration of RFL’s account as ‘fraud’ exposure by the lead Bank.
Earlier this year, in March, RFL achieved a milestone when it completed a One-Time Settlement with 17 lenders through organic collections. The Company paid more than Rs 9000 crores to the country’s banking system. Currently, RFL is awaiting the lifting of the RBI Corrective Action Plan (CAP) that was implemented in January 2018.
Commenting on the removal of the fraud tag, Dr Rashmi Saluja, Executive Chairperson, REL & CMD RFL said, “We wholeheartedly welcome the Hon’ble High Court’s ruling, acknowledging it as a validation of our steadfast commitment to excellence and integrity. The decision by the Court is evidence of our resolve towards a full-scale revival of the business and establishing Religare Group as a diversified financial services conglomerate. Through our efforts, we have made Religare Finvest Limited business-ready.”
Mr Pankaj Sharma, Chief Executive Officer, RFL said, “We are grateful to the Hon’ble High Court for the removal of the ‘fraud’ tag. We remain unwavering in our pursuit of good work, guided by the principles of fairness, integrity and the relentless pursuit of excellence and revival of the organisation.”
The Central Fraud Registry was constituted under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016.
About Religare Enterprises Limited
Religare Enterprises Limited (REL), a Core Investment Company (CIC) registered with the Reserve Bank of India (RBI), is a diversified financial services company. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL is listed on the BSE (Bombay Stock Exchange) and National Stock Exchange (NSE) in India. The Religare Group (REL & subsidiaries) reaches over 1 million policyholders in the insurance business, 1 million plus broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance. The Group employs more than 11,000 professionals servicing this diversified customer base with a presence in over 1,000 locations across India.
