• By Mayukh Debnath
  • Tue, 10 Sep 2024 10:10 PM (IST)
  • Source:JND

Rashmi Saluja Booked: An FIR has been registered by Mumbai Police against three senior officials of Religare Enterprises Limited (REL) on the basis of a complaint by the Enforcement Directorate, the financial sevices firm's management said in a statement on Monday, clarifying that the company itself is not facing any allegation in the matter.

The individuals named in the FIR are REL Executive Chairperson Dr Rashmi Saluja, REL's group chief financial officer Nitin Aggarwal, its general counsel Nishant Singhal, and an REL shareholder named Vaibhav Gawali, according to the statement and various news reports. Sections 420 (cheating) and 120-B (criminal conspiracy) of the erstwhile Indian Penal Code have reportedly been invoked against the accused.

The ED has reportedly accused the trio -- Saluja, Aggarwal and Singhal -- of orchestrating a conspiracy as part of which a "motivated" FIR was registered by Gawali at Matunga police station against members of the Burman family, which owns FMCG brand Dabur, in November 2023.

The central agency has reportedly claimed that its investigation stemming from the November 2023 FIR has revealed that the case was filed by Gawali at the beshest of Saluja, Aggarwal and Singhal in return of Rs 80,000. He was allegedly paid another Rs 1.2 lakh to purchase 500 REL shares.

The alleged conspiracy, as per the ED, was hatched with the aim to derail an apprehended control of REL by the Burmans, reports said. Gawali's complaint, which led to the November 2023 FIR, was against REL's two former directors, who he accused of having connived with the Burman group to misappropriate the company's assets.

"He (Gawali) further stated that the allegations made against the Burman family in his complaint filed at Matunga police station are not known to him, and these facts were mere reproduction of the facts stated in the papers handed by Dr Rashmi Saluja for filing complaints against Burman family," The Print quoted the ED complaint as saying.

The well-known rivalry between the Burmans and top REL executive started last September, when four entities -- Puran Associates Private Limited, MB Finmart Private Limited, VIC Enterprises Private Limited, and Milky Investment and Trading Company -- owned by the Burman family acquired an additional 5.27 percent stake over group's existing 21.54 percent stake in REL.

In accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the move triggered a mandatory open offer in REL, which is a public limited company listed in both the BSE and the NSE.

(With inputs from ANI)