Religare Enterprises works with Sebi to resolve all legacy issues.

In an exchange filing on April 24, Religare Enterprises Limited (REL) stated that it had settled all legacy problems with the Securities and Exchange Board of India (Sebi).

During the period between April 1, 2011, and March 31, 2018, the market regulator reportedly brought to Religare Enterprises' attention that some compliance standards were disregarded or not followed.

During this time, the company's control and management were in the hands of previous promoters Malvinder Mohan Singh and Shivinder Mohan Singh, as well as a few others who "were accustomed to act on their commands," according to REL. The company assured that none of these people are still associated with them.

"The exchanges have already reclassified the former promoters as public shareholders, and REL is now a professional firm with no promoter." Furthermore, the Company and its subsidiaries have been aggressively pursuing various legal remedies against such individuals," Religare Enterprises, a Reserve Bank of India (RBI)-registered core investment company (CIC), stated.

REL filed an application under the Sebi (Settlement Proceedings) Regulations, 2018 to resolve the other legacy problem with Sebi, without admitting or denying Sebi's conclusions. Sebi looked over the application and the settlement conditions provided by the company, and after considering the facts and circumstances of the case, decided that the stated proceedings might be concluded for Rs 5,41,80,000.

REL has followed the instructions and has deposited the funds with Sebi.

"This is a reaffirmation of the consistent efforts made by the REL management to adhere to the highest levels of corporate governance," REL Executive Chairperson Dr Rashmi Saluja remarked of the development. As we embark on a new path with new companies and fresh capital on the horizon, the current management is working relentlessly to restore REL to its rightful place as a leading player in the BFSI area, and addressing these legacy concerns remains a major priority."