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Religare Enterprises Ltd (REL), which is in the eye of a corporate control battle, said on Thursday that it would adhere to SEBI directives and approach regulators, including RBI, for statutory approvals for the open offer by Burman family-controlled entities.
“As per SEBI’s advisory, the company will apply to the concerned regulators, including the RBI, for the fit and proper status of the acquirers for the open offer,” an REL spokesperson said in response to the latest SEBI interim order-cum-show cause notice to REL and its board of directors.
Markets regulator SEBI had, in its notice on Wednesday, directed REL and its board of directors to furnish an undertaking, within seven days, to apply to the regulatory authorities, including RBI, on or before July 12 for statutory approvals for accepting the open offer by the Burman Group.
SEBI also directed REL Chairperson Rashmi Saluja and the board to facilitate the acquirers (Burman Group) to fulfil their obligations under the SEBI Takeover Code. It also asked them to immediately constitute a committee of independent directors, as per the code, if one was not in place already.
SEBI made it clear that the latest interim order should also be considered as a show cause notice. Saluja and the board have been directed to show cause why they should not be restrained from accessing the securities market, prohibited from buying, selling or dealing in securities for a specified period, and from being associated with any listed company or registered intermediary.
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