Religare Enterprises Ltd (REL) has withdrawn its enchantment at the Nationwide Firm Legislation Appellate Tribunal (NCLAT) against a Competitors Fee of India (CCI) order that allowed 4 Burman Family managed entities to accumulate a 5.27 per cent stake within the monetary companies agency.
The transfer comes after the Burman Family, via its funding corporations, gained a controlling stake in REL after buying 25.16 per cent of fairness shares via an open provide.
The whole holding of the Burman household now exceeds 50 per cent, consolidating their place as the biggest shareholders in REL.
In January 2024, CCI had permitted the acquisition of 5.27 per cent stake of REL by the 4 Burman Group entities from the open market. This CCI approval was then challenged earlier than NCLAT by REL beneath then Govt Chairperson Rashmi Saluja.
“….Authorised signatory for Appellant (Religare) is current and submits that he’s beneath the authorisation to say the Appellant (REL) isn’t all in favour of pursuing the matter and intends to withdraw this enchantment”, mentioned the NCLAT order.
In view of this, the enchantment stands dismissed as withdrawn. All of the pending functions are additionally disposed of, a two-member bench comprising Yogesh Khanna, Member (Judicial) and Ajai Das Mehrotra, Member (Technical), mentioned final week.
The 4 Burman family-owned entities, which have been additionally made events earlier than the NCLAT are – Puran Associates Non-public Ltd (PAPL), VIC Enterprises Non-public Ltd (VIC), MB Finmart Non-public Ltd (MFPL) and Milky Funding & Buying and selling Firm (MITC).
Religare Enterprises Govt Chairperson Saluja was in February 2025 ousted as director by the REL shareholders, following the Burman household buying a controlling stake within the firm.
Subsequently, the REL had additionally directed subsidiary corporations to provoke the method for the elimination of Rashmi Saluja from their respective corporations.
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