Final order in the matter of Religare Enterprises Limited

This is a final order by SEBI regarding Religare Enterprises Limited (REL) and its directors, examining allegations that they failed to cooperate with the open offer process initiated by the Burman Group to acquire shares in REL.

Religare Enterprises Limited, Ms. Rashmi Saluja, Mr. Malay Kumar Sinha, Mr. Hamid Ahmed, Mr. Praveen Kumar Tripathi, Mr. Ranjan Dwivedi, and Ms. Preeti Madan.

• SEBI alleged that REL and its directors violated Regulation 26 of the SAST Regulations and Regulation 4(2)(a), (d), and (f) of the LODR Regulations by failing to cooperate during the open offer.
• The Interim Order directed the noticees to apply to regulatory authorities (including RBI) for statutory approvals within seven days of the order (by July 12, 2024) and to constitute a Committee of Independent Directors.
• The order notes that the open offer was completed on February 13, 2025, and the Acquirers were reclassified as Promoters on February 18, 2025.
• Ms. Rashmi Saluja ceased to be Executive Chairperson of REL with effect from February 07, 2025.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document