Religare Enterprises Executives Face Serious Charges Amidst Takeover Dispute
The Enforcement Directorate (ED) has filed a First Information Report (FIR) against Dr. Rashmi Saluja, executive chairperson of Religare Enterprises Ltd (REL), and two other top officials from the company. The FIR accuses them of involvement in a scheme to falsely accuse the Burman family of Dabur, leading to unlawful benefits amounting to Rs 179 crore.
Charges under sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code have been laid against Saluja, CFO Nitin Agarwal, and General Counsel Nishant Singhal. The case emerged from an ED investigation into alleged money laundering by former REL directors Malvinder and Shivinder Mohan Singh, with accusations of misappropriation and conspiracy involving the Burmans and others.
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The dispute began in September 2023 when the Burman family sought to increase their stake in REL, triggering a mandatory open offer. REL executives opposed the offer, claiming the Burmans were not fit to acquire more shares. Despite SEBI’s directives to comply with acquisition norms, REL management delayed the process, leading to further legal challenges.
Recently, the Maharashtra Police, acting on the ED’s complaint, have booked Saluja and other executives, intensifying the ongoing conflict over the takeover and alleged financial misconduct.