RFL MANAGEMENT
ED searches Essel Group companies in RFL money laundering case
The Essel Group is promoted by media baron Subhash Chandra and owns stake in leading media and entertainment companies which includes - Zee Entertainment Enterprises Ltd, Zee Media Corporation and Dish TV.
Enforcement Directorate searches nine RFL-linked offices
In a regulatory filing, Religare Enterprises said RFL had made a request to the ED to expedite the probe. RFL has also promised its lenders that it would make "all possible efforts" to recover the siphoned off funds, a Religare Enterprises spokesperson told ET, adding that RFL had commissioned a forensic audit to trace the assets and money trail.
ED concludes searches in RFL case; documents, digital data seized
The Enforcement Directorate (ED) concluded its searches on Saturday in a money laundering investigation related to the alleged diversion of funds exceeding Rs 2,000 crore from Religare Finvest Limited (RFL). The searches, initiated on Friday, covered nine locations in Delhi-NCR, including the corporate offices of RFL, M3M India Holdings, RHC Holding Pvt Ltd, Hillgrow Infrastructure Pvt Ltd, Dion Global Solutions, and Prius commercial.
Delhi High Court sets aside debt recovery appellate tribunal's pre-deposit order for Religare Finvest
Delhi High Court has overturned a decision by the Debt Recovery Appellate Tribunal (DRAT) that required Religare Finvest Ltd (RFL) to deposit 40% (approximately Rs 116.85 crore) of a Rs 306 crore debt due, along with interest, to pursue its petition.
Delhi High Court seeks ICICI Bank's Reply on Religare Finvest plea to quash DRAT order
RFL's senior counsel Rajeev Nayar and counsel Saurabh Seth contended before a bench of Justice Amit Mahajan and Justice Dharmesh Sharma that the DRAT has reached an "erroneous" conclusion and said the listed company is not in a position to deposit any further sum beyond 25% (₹76.61 crore) that had already been deposited before the appellate tribunal.
EOW's RFL case: HC grants bail to Malvinder Singh and three others
"In case it is established that the applicant tried to tamper with the evidence, the bail granted to the applicant shall stand cancelled forthwith," the high court said. It also said the investigation in the case is complete and the main charge sheet as well as supplementary charge sheets have already been filed before the trial court.
- Go To Page 1
Religare Finvest concludes One-Time Settlement with lenders, resolves all legacy issues
"This settlement paves the way for restarting the business of RFL and focusing on building a niche in the MSME lending space. RFL will have a healthy balance sheet to sustain business growth in the next few quarters," stated a press release by the company.
Religare Finvest lenders approve company's one-time settlement offer
Bank of India (BoI) was the last among the lenders to give its assent to the plan after a board meeting last week, clearing the decks for a settlement with the lenders.
Sebi imposes Rs 27 lakh fine on 2 entities for violating regulatory norms
Sebi had received copies of share certificates dated April 2011 of RFL International Ltd from certain entities which were issued to them by RFL. However, it was observed that there was no change in shareholding structure of RFL for the quarter ended March 2011 to June 2011.
EOW of Delhi Police arrest former Religare CMD Sunil Godhwani in Rs 800 cr fraud case
In January, a Delhi court had denied bail to Sunil Godhwani, in a case related to alleged misappropriation of funds, noting the seriousness of allegations, loan amount involved and his role in the transactions.
Religare Finvest offers to pay Rs 2,300 crore to lenders in bid to avert bankruptcy
Lenders have repeatedly rejected proposals to restructure the distressed finance company's debt and, in February, requested the Reserve Bank of India (RBI) to start insolvency proceedings against the company, ET reported earlier. Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings.
Siphoning of RFL funds: SC dismisses interim bail plea of Shivinder Mohan Singh
Singh had sought interim bail for a short period on “humanitarian grounds” for helping his ailing mother to take part in the last rituals of his maternal uncle, who died on March 8 in Haryana. “We are of the opinion that the presence of the accused was not a must...,” said a bench of Justices M R Shah and B V Nagrathna while dismissing the plea.
Religare Finvest lenders to move RBI for insolvency
Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings. Lenders are of the view that a resolution under IBC will be a transparent process thus generate interest among prospective buyers, the people said.
Religare Enterprises challenges tagging of RFL as fraud account by lenders
RBI in a communication dated February 11 advised that "restructuring of RFL cannot be implemented with REL continuing as a promoter, as RFL has been declared fraud exposure by lenders," REL said in a statement.
Delhi Police arrests former Religare CEO in Rs 2,300 crore RFL scam case
Subramanian was the Group CEO of REL during 2017-2018. A loan against property worth Rs 115 crore was sanctioned as secured loans to three entities -- Best Health Management Pvt Ltd, M/s Vitoba Realtors Pvt Ltd and Devera Developers Pvt Ltd -- vide three separate loan facility agreements, and property documents of Asola land was kept as security with RFL.
Siphoning of RFL funds: SC asks police to conclude probe against Shivinder by Dec 15
The Supreme Court Thursday asked Delhi Police to conclude probe by December 15 in a case against former Fortis Healthcare promoter Shivinder Mohan Singh who along with others is accused of misappropriating Rs 2,397 crore of Religare Finvest Ltd (RFL) funds.
Siphoning of RFL funds: Govt taking much interest in case, SC observes orally
The Supreme Court Monday orally observed that the government is taking "much interest" in a case in which former Fortis Healthcare promoter Shivinder Mohan Singh is accused of misappropriating Rs 2,397 crore of Religare Finvest Ltd funds, while deferring the hearing on his bail plea to post Diwali vacation.
Religare gets interest from some investors for RFL; introduces them to lenders
According to banking sources, Religare Enterprises introduced a couple of investors for RFL to lenders in a meeting with bankers held recently.
Confident of getting money back from Lakshmi Vilas Bank, officials won't be pardoned: Religare
LVB had set off FDs of Rs 750 crore as recovery for loans given to the erstwhile promoters and their private entities without authorisation, Religare Enterprises Chairperson Rashmi Saluja said.
Delhi HC notice to Shivinder Singh on RFL plea challenging his bail in bank fraud
Both Shivinder and his elder brother Malvinder Mohan Singh, erstwhile promoters of Religare Enterprises were arrested by the Economic Offences Wing (EOW) of the Delhi Police last December in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL, which was an arm of Religare Enterprises.
RFL case: Delhi court dismisses bail plea of ex-Fortis Healthcare Promoter Shivinder Singh
The court further said the fact that Shivinder managed to smuggle a phone while he was in the custody of the ED spoke volume about his conduct and intention.
Malvinder Singh arrested in another case of funds misappropriation
RFL alleged that Malvinder Singh and his brother Shivinder Mohan Singh in connivance with the employees of Lakshmi Vilas Bank misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company, the police said.
RFL money laundering case: Court extends judicial custody of Malvinder, co-accused till January 6
Additional Sessions Judge Sandeep Yadav passed the order after the probe agency said judicial custody of the accused was required as further investigation was going on in the case. The agency had taken both into custody on November 14 from Tihar jail, where they had been lodged in a case filed by the Delhi Police in relation to the alleged scam.
RFL scam: Delhi HC sends ex-Fortis Healthcare promoter Malvinder to ED custody till November 28
The Delhi high court on Wednesday allowed the Enforcement Directorate (ED) to conduct custodial interrogation till Thursday of former Fortis Healthcare promoter Malvinder Singh and another co-accused to confront them with voluminous documents and several witnesses in a money laundering case related to alleged misappropriation of funds at Religare Fivest Ltd (RFL).
Need Malvinder Singh's custody to confront him with docs, witnesses in RFL scam, ED tells HC
The trial court had on November 23 dismissed the agency's application for further custodial interrogation of Singh and Godhwani and had sent them to judicial custody till December 7.
RFL case: Court extends ED custody of ex-Fortis Healthcare promoter Malvinder Singh
Special Judge extended the ED custody of both Malvinder Singh and former CMD of Religare Enterprises Ltd Sunil Godhwani till November 23 on a plea moved by agency's special public prosecutor Nitesh Rana. The ED had taken both the accused in its custody on November 14 inside the jail, where they were lodged in a case filed by the Delhi Police in relation to the alleged scam.
ED arrests ex-Fortis Healthcare promoter Malvinder Singh, Sunil Godhwani in RFL case
Religare has accused them of diverting funds, claiming that loans were taken by Shivinder while managing the firm but the money was invested in other companies.
EoW files case against LVB, Singh Bros for fraud
A first information report (FIR) has also been filed following a complaint by RFL, which claimed that it has been duped and hundreds of thousands have been misappropriated and siphoned off.
HC reserves order on whether to issue notice on Malvinder Singh's plea to quash FIR in RFL case
Singh had approached the high court Thursday, hours before his arrest.
Load More
