Religare Enterprises (REL) rejects all the allegations outlined in InGovern Research Services’ report titled “Navigating Turbulent Waters Amidst Governance Challenges.” REL said that the report contains inaccurate information and implications regarding the management’s integrity.
In its official statement, REL said that the report fails to present crucial facts about ongoing legal matters, which are currently subjudice. Specifically, the interim show cause notice from SEBI issued on June 19 2024 has been challenged by REL and is under review by the Securities Appellate Tribunal (SAT), which has stayed SEBI’s directives. This legal context is crucial for shareholders to consider.
Additionally, concerns raised about the postponement of REL’s Annual General Meeting (AGM) are addressed. The extension for the AGM was requested to accommodate pending regulatory approvals, and the Registrar of Companies granted this extension, which was later upheld by the Delhi High Court.
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REL also addresses claims regarding insider trading investigations and the withdrawal of auditor Nangia & Co LLP, stating that these matters are being handled in compliance with legal requirements and do not indicate any governance failures on the part of the company.
Dr. Rashmi Saluja, Executive Chairperson of REL, denounces the report as a manipulative attempt to undermine the company’s credibility. Under her leadership, REL has achieved significant milestones, including becoming debt-free after repaying outstanding loans and enhancing corporate governance.
“We remain committed to transparency and compliance,” Dr. Saluja asserted, emphasising that the company’s share price has significantly increased, reflecting its recovery and growth trajectory. He further mentioned that REL aims to continue creating value for its shareholders while addressing any misconceptions in the public domain.
From: financialexpress
Financial News
