Religare Finvest Ltd starts investigation of funds siphoning by old promoters

Religare Finvest Limited (RFL), wholly owned subsidiary of Religare Enterprises Limited (Company) has commissioned an investigation into siphoning-off of funds from RFL by the erstwhile promoters of the Company.

Pursuant to the terms agreed with respect to the recovery proceeds of CLB portfolio and FDs misappropriated by Lakshmi Vilas Bank (LVB) (now DBS), under the Upside Sharing Agreement signed by RFL with the lenders, it is imperative for RFL to keep pursuing recovery of the siphonedoff funds. Accordingly, to aid RFL to recover such funds, RFL has commissioned the aforementioned investigation.

Shares of Religare Enterprises Limited was last trading in BSE at Rs. 216.60 as compared to the previous close of Rs. 216.40. The total number of shares traded during the day was 26707 in over 654 trades.

The stock hit an intraday high of Rs. 218.00 and intraday low of 214.85. The net turnover during the day was Rs. 5767005.00.

Source : Equity Bulls

Keywords

ReligareEnterprises INE621H01010 ReligareFinvest FundSiphoning Investigation OldPromoters