Sebi issues Rs 6-cr demand notices to 11 in Religare Finvest case
Sebi) has issued notices to 11 entities asking them to pay ₹6 crore within 15 days in a case concerning diversion of funds of Religare Finvest, an arm of Religare Enterprises. The 11 entities that received notices are — Torus Buildcon, Artifice Properties, Rosestar Marketing, Oscar Investments, Ad Advertising, Zolton Properties, Saubhagya Buildcon, Star Artworks, Vitoba Realtors, Devera Developers and Harpal Singh.
The demand notices came after the entities failed to pay the fine imposed by Sebi in October 2022. In October 2022, Sebi imposed penalties totalling ₹21 crore on 52 entities, including these 11 entities, for huge diversion and misutilisation of funds of Religare Finvest.
In this case, the regulator levied a fine ranging ₹20 lakh to ₹85 lakh. The case involved a complex web of transactions whereby the funds of listed Religare Enterprises were diverted through its subsidiary Religare Finvest for the ultimate benefit of erstwhile promoters — RHC Holding, Malvinder Mohan Singh and Shivinder Mohan Singh.
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