WILL YOU, WON'T you, will you clear the way, Religare?
The question sums up the Securities and Exchange Board of India’s interim order-cum-show-cause notice that the securities market watchdog posted on its website on June 19. The trigger: the reluctance of the ₹6,300-crore Religare Enterprises Ltd (REL), a listed company, to get the paperwork done for the Burmans of Dabur to wrap up the open offer they made to its shareholders in September last year.
Sebi wants to know why Religare is not getting the clearances required from the regulators that govern its various businesses for the open offer to proceed and why it has ignored Sebi’s “explicit” advice. The Burmans’ open offer requires “a logical conclusion,” Sebi says, after listing every recorded step in the nine-month saga and Religare’s failure to back its charges against the Burmans.
Sebi’s 12-page document, over 4,400 words long, says Religare must promise to apply for clearances to the regulators concerned on or before July 12, 2024, or Sebi will restrain Religare from accessing the securities market. Religare is a diversified financial services company that operates in retail stockbroking, health insurance, and lending to small and medium businesses, among others. REL is registered as an NBFC with the Reserve Bank of India.
On July 10, the Securities Appellate Tribunal (SAT) directed Religare to file the necessary open offer application with “regulatory authorities including RBI to comply with the directions” contained in Sebi’s interim order. An extension of time was granted till July 22 to submit this application. SAT has also given an interim stay on the show-cause notice issued to REL’s top management and provided relief till the next hearing on August 29. This was after REL moved SAT seeking relief from Sebi’s order.
Denne historien er fra August 04, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra August 04, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
VINE TO VINO
Calling all wine lovers to explore India's wine trails and vineries
TIGHT FINISHES AT TOLLY
RAZOR-SHARP COMPETITION WAS THE ORDER OF THE DAY FOR ROYAL RANTHAMBORE BT GOLF'S KOLKATA LEG AT THE HISTORIC TOLLYGUNGE CLUB
Helping More Indians Fly
We need to think and dream big, and combine that with flawless and speedy execution, accompanied by deep reforms
Fighting The Dragon
China's subsidies and export strategy have accelerated its dominance in the EV space. Amid fears of EV 'dumping', can India withstand the Chinese onslaught?
Buckle up for the Ride of a Lifetime
Many IPOs flunked, while several fell below ethical governance standards, and quite a few bombed. However, the capital markets have their own way of self-regulating excesses
❝Slow down but stay involved"
IndiQube provides flexible workspaces
Ready for Take-off
Total passenger traffic has grown from around 120 million to over 236 million per annum. Indian aviation sector continues to soar, and the best is yet to come
BURMANS IN CONTROL
After a long battle, the Burman family has seized control of Religare. It needs to infuse money and get it back on track
Reimagining India's Public Sector
India's policies since 1991 have been to get government out of business' way. Robust public sector is needed for providing basic needs equitably
No Theme Lasts Forever
A sensible investment strategy involves ignoring the noise and using a systematic criterion to pick assets. A good investment strategy can be boring
