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The Religare case has taken a new twist. Dabur’s promoters, the billionaire Burman family, have written to SEBI. The letter written by the promoters has sought an inquiry into the sale of shares by Rashmi Saluja, chairperson of Religare Enterprises. Four entities controlled by the Burman family said in an email to market regulator Sebi on November 9 that Rashmi Saluja sold part of her stake immediately after meeting the family’s representative.
The IPO brought wealth to Dhanteras, with gains of up to 24 percent on each share
What is the whole matter?
According to an ET report, the Burman family together with MB Finmart, Puran Associates, VIC Enterprises and Milky Investment and Trading own 21.24 per cent stake in Religare. Reportedly, when the representative of the Burman family got married to Rashmi Saluja, the family is planning to buy a majority stake in the company through an open offer soon. It is claimed that Saluja sold his stake after this meeting.
The shares are going to be split into 10 pieces, 4 months ago the IPO came
It has been said on behalf of the Burman family that the Burman family had a meeting with their representative Arjun Lamba. After this meeting, Saluja sold 1.29 lakh shares for Rs 34.71 crore between September 21 and 22. At the same time, the Religare spokesperson on the whole issue said that the shares sold by Saluja had nothing to do with the meeting.
The independent directors of Religare have also made serious allegations against the Burman family.
The letter comes as Religare’s independent directors have demanded a probe by SEBI, RBI, the insurance regulator against the Burman family. Independent directors have leveled serious allegations against the Burman family, including fraud. He has accused Religare founders Malvinder Singh and Shivinder Singh of collusion. Both the founders are currently in jail in a money laundering case.