Religare Enterprises said in a regulatory filing on Thursday, “The company has received an email forwarding letter dated December 26, 2024 from counsel for the petitioner in the writ petition (WP 40618/2024) (Vijayant Mishra vs. RBI and others). The High Court of Madhya Pradesh at Jabalpur, ” Proceeding from the order dated December 18, 2024.
Earlier this month, the Reserve Bank of India (RBI) approved an open offer by the Burman family — promoters of FMCG major Dabur — to buy an additional 26 per cent stake in NBFC firm REL.
As of September 30, 2024, Bermans, through its four entities, collectively holds 25.12 percent stake in REL.
The RBI said it has approved the “proposed increase in shareholding of existing shareholders” in REL — four Burman family entities Puran Associates, VIC Enterprises, MB Finmart and Milky Investment and Trading Company –.
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The Burman family – promoters of Dabur India and other entities such as Eveready Industries – through its entity offered REL shareholders in September last year to acquire up to 26 per cent stake in the company for Rs. 2,116 crore open offer was announced.
However, it was opposed by REL’s independent directors, who raised red flags alleging fraud and other irregularities by Burman family entities and approached regulators including market regulator Sebi, RBI and the Insurance Regulatory and Development Authority.
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