The Delhi Excessive Courtroom has ordered the removing of the ‘fraud’ tag from Religare Finvest Ltd (RFL), a wholly-owned subsidiary of Religare Enterprises Ltd (REL).
The lead financial institution of RFL had put the RFL’s account on the Reserve Financial institution of India’s Central Fraud Registry.
The Delhi Excessive Courtroom order dated December 18 got here after RFL had filed a writ petition with respect to declaration of RFL’s account as ‘fraud’ publicity by the lead financial institution, REL stated in a submitting with the inventory exchanges on late Tuesday night.
Commenting on the removing of the ‘fraud’ tag, Rashmi Saluja, Govt Chairperson, REL and CMD RFL stated, “We wholeheartedly welcome the Delhi Excessive Courtroom’s ruling, acknowledging it as a validation of our steadfast dedication to excellence and integrity. The choice by the courtroom is proof of our resolve in direction of a full scale revival of the enterprise and establishing Religare Group as a diversified monetary providers conglomerate. Via our efforts, we’ve made Religare Finvest Restricted enterprise prepared.”
Pankaj Sharma, Chief Govt Officer, REL stated, “We’re grateful to the Delhi Excessive Courtroom for removing of fraud tag. We stay unwavering in our pursuit of excellent work, guided by the rules of equity, integrity and the relentless pursuit of excellence and revival of the organisation.”
The Central Fraud Registry was constituted below the Reserve Financial institution of India (Frauds Classification and Reporting by Industrial Banks and choose FIs) Instructions 2016.
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