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The independent directors of Religare Enterprises Ltd (REL) have written to regulators such as RBI, Sebi and the insurance watchdog, levelling allegations of fraud and other breaches against the Burman family, which had made an open offer in September to acquire control of the company.
Sebi has also asked REL to provide evidence and documents to back the allegations made in an October 18 letter. It also sought the response of JM Financial, who are the managers of the open offer, as mentioned in the report.
We have not done anything extraordinary except that we have held on to the governance, we have held on to the compliances, and of course along with a very robust business plan which is not aggressive and yet it is not a conservative plan.
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After this acquisition, the holding of the Burman Group has now increased to 20.18 per cent from 20.07 per cent earlier.