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Religare Enterprises on Tuesday informed the exchanges that the company and its promoters along with two subsidiaries have been barred by the Debts Recovery Tribunal from selling their assets. The subsidiaries are Religare Capital Markets and Religare Capital Markets International (Mauritius).
The tribunal passed the order in response to an application filed by Axis Bank for recovery of loan worth ₹312.93 crore availed by Religare Capital Markets International (Mauritius) Ltd. The DRT has also restrained the group from entering into settlement with lenders without the tribunal’s approval. “In the company’s assessment, the the possibility of a financial implication for the company is remote and in any case cannot be estimated at present,” Religare Enterprises said in the statement.
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