The battle for Religare Enterprises Ltd (REL) has taken a new turn, with the Securities and Exchange Board of India (Sebi) beginning an inquiry into a sale of shares by chairperson Rashmi Saluja immediately before the Burman family announced an open offer for the financial services conglomerate.
The Burmans, who lead consumer goods company Dabur Ltd, have called it an insider trade and sought regulatory action. REL has said the sale was planned earlier.
In a 20 December letter, the regulator sought wide-ranging information from both REL and the Burman entities on all events leading up to the open offer and after. Mint has seen a copy of the letter.
The Sebi letter said it is investigating a case related to the "corporate announcement" dated 25 September, the date JM Financial Ltd announced the REL open offer on behalf of the Burman family.
The regulator has asked REL and the Burman family to respond with evidence about the details of events and discussions related to the proposed open offer between January and December 2023.
In its letter, Sebi has asked for "complete details of all the persons involved (from both Burman group side and REL side) in the discussion such as their complete names, their PANS, their personal and official mobile and landline numbers, emails addresses, bank account details, residential addresses during last 3 years.
Same details also to be provided for their immediate relatives including spouse, children, parents, brother/ sisters and their spouses (even if PANs are not available, their names to provided) as per SEBI (PIT) Regulations." PIT refers to Sebi's Prohibition of Insider Trading rules.
Emails sent to Saluja, the Burman family and Sebi remained unanswered.
Denne historien er fra January 10, 2024-utgaven av Mint Mumbai.
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 January 10, 2024-utgaven av Mint Mumbai.
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
Steering clear of Trumponomics would serve other countries well
The US president-elect's policy plans will hurt more than help the US and policymakers elsewhere must recognize the risks
Welcome Elon Musk, shadow president-elect of the US
Nobody can predict what part of his inner self will show up as he takes on a new role in the government
Saudi Arabia's popular culture is changing with liberalization
Riyadh's moves to open up the kingdom have had a positive impact
India's slowdown awaits a well-crafted response
The second-quarter loss of economic pace has underlying trends that risk reinforcing its key causes. Indian policy must support private investment, employment and consumption
A right that women don't have is the right to mediocrity
It's not just Harris. Women are judged far more harshly than men for not being exceptional
Not Goa, this techie picked Da Nang for beach holidays
Harsh Vardhan has been to Vietnam thrice in two years, the latest trip was for his honeymoon
EPF users to receive interest till the date of settlement
Members of the Employees' Provident Fund Organisation (EPFO) will now earn interest till the date of settlement of their claims.
Social movements need to lead India's fight against air pollution
We must generate the social capital required for people to act collectively towards a common cause
RETHINKING SME IPOs: SEBI STEPS IN TO ADDRESS MISUSE
Sebi's effort to streamline SME IPOs is laudable but liquidity must also be a key focus area
Repatriating FCNR deposits: What NRIs need to know after becoming residents
When NRIs (non-resident Indian) change their status to resident Indian, is it possible to repatriate the funds from FCNR (foreign currency non-resident account fixed deposit (FD)) for free, without it being subject to regulations of the Liberalised Remittance Scheme (LRS)?
