After the new report floated saying that the Securities and Exchange Board of India (SEBI) has issued a show cause notice to Religare Enterprises Chairperson Rashmi Saluja, the company issued a clarification stating that since it being a “mere show-cause notice, the requirement of disclosing the same to the Exchanges under Regulation 30 of the SEBI Listing Regulations, 2015 is not triggered. “Being a mere show-cause notice issued by SEBI, the requirement of disclosing the same to the Exchanges under Regulation 30 of the SEBI Listing Regulations, 2015 is not triggered,” it said in a regulatory filing.
Earlier a media report had stated that SEBI has issued a show cause notice to Rashmi Saluja as part of its probe into alleged insider trading violations. The investigation, it added, focuses on trades made by Rashmi Saluja on September 21 and 22, 2023, just days before the Burman family’s open offer for Religare Enterprises was publicly announced on September 25, 2023. Per the complaint filed by four investment firms linked to the Burman family in November 2023, Rashmi Saluja had sold 1.29 million shares worth Rs 34.71 crore on those dates after being informed about the upcoming offer by a Burman family representative.
In May 2024, the Burman family had accused Rashmi Saluja of selling an additional 2.71 million shares worth Rs 43 crore between March 26 and 28, 2024, while allegedly possessing undisclosed price-sensitive information.
Post the media report, Religare Enterprises was asked for clarification on the subject, to which, the company said that the SEBI has issued a show-cause notice dated 26.07.2024 to Dr Rashmi Saluja in respect of alleged Insider Trading. Religare Enterprises said, “The chronology of events in this regard is as follows:
26.07.2024 – Show-cause notice (SCN) was issued to Dr Rashmi Saluja advising her to reply within 21 days.
14.08.2024 – The Counsel of Dr Rashmi wrote to SEBI seeking inspection of the documents related to the SCN.
19.08.2024 – A follow up mail was sent by the Counsel of Dr Rashmi to SEBI.
27.08.2024 – SEBI sent an email advising that the inspection of documents has been scheduled on September 04, 2024 at 11.00 AM.”
“The Company is fully aware and is in compliance of its obligations under Regulation 30 of the SEBI Listing Regulations, and assures you that it shall make appropriate public disclosures in accordance with the prevalent laws as and when there is a disclosable event,” it further added.
Religare also maintained that there is no material impact on the company as an outcome of this show cause notice
From: financialexpress
Financial News
