ED charges Rashmi Saluja, 2 other Religare executives with cheating
Religare Enterprise takeover battle between chairperson Rashmi Saluja and the Burman family members, the Enforcement Directorate (ED) has filed a case of cheating and criminal conspiracy against Saluja and two other key management personnel of REL.
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The ED has accused Saluja of getting a case registered against Dabur group chairman Mohit Burman and his family members "...to derail the proposed takeover of the company and its subsidiaries to obfuscate the detection of illegal gains accrued to them through acquisition of Employee Stock Options (ESOPs) of Care Health Insurance (CHIL)".
Based on the complaint made by the federal agency, the Mumbai police has booked Saluja and two others, namely CFO Nitin Aggarwal and group general counsel Nishant Singhal of Religare Group in the said case. The ED has alleged Saluja and others have made unlawful gains to the tune of ₹179.54 crore by acquiring the ESOPs at a much lower price by diverting the fund of M/s REL to subscribe to rights issues of CHIL.
In a filing before the exchanges, the company said: "...Pursuant to Regulation 30 of Sebi Listing Regulations, we wish to inform that based on a complaint by the ED, Mumbai Police has registered a first information report against three senior officials of the company… The concerned officials have denied the allegations made in the FIR and are examining the matter for such further action as is deemed appropriate. There are no
