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.
Bu hikaye Mint Mumbai dergisinin January 10, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin January 10, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Transforming leaders of today and tomorrow for far-reaching changes that lie ahead
Egon Zehnder works closely with Boards as well as leaders, helping them find their unique voice and uncover the potential they might not otherwise recognize
Ex-Orios partners launch $75 mn fund
Anup Jain and Rajeev Suri, former managing partners of Orios Venture Partners, have launched a $75 million fund to back a mix of early and late-stage startups in fintech, climate and sustainability and consumer-driven B2C startups under their new investment vehicle—Blue Green Ventures.
NoBroker morphing into financial services company
NoBroker gets a fourth of its over ₹600 crore revenue from its financial services business
India in top 10 globally for patents, trademarks and industrial designs
India now ranks among the top 10 countries globally in the number of patents, trademarks and industrial design applications, according to the World Intellectual Property Organization's (WIPO) 2024 report on IP trends.
63 businesses find debt resolution in Q3
In the eight years since IBC came into force, 1,068 companies have been pulled back from insolvency
Centre asks states to list power utilities
Power minister Manohar Lal said ₹42 trillion of investments are required in the sector by 2030
Goods exports in Q3 may hit $107.5 bn
India's merchandise exports are likely to rise 1.85% year-on-year to $107.5 billion in the third quarter of FY25, according to India Exim Bank.
NFRA board revises all audit norms despite ICAI dissent
The matter of audit revision dates back to the 2009 Satyam Computers scandal
India aims to lift air cargo to beat Red Sea bump
India's commerce ministry is pitching for air cargo to ship products such as pharmaceuticals, textiles, electronics and perishables that rely on swift delivery as disruption in the Red Sea trade route has increased freight costs, two people aware of the development said.
Zepto eyes $250 mn from HNIs, wealth cos at flat valuation
Quick commerce startup Zepto is looking to raise about $250 million from high-net-worth individuals and wealth management firms, including Motilal Oswal, IIFL and InCred, at a near-flat valuation of $5 billion, three people familiar with the matter said.
