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The National Company Law Tribunal on Friday refused relief to India Horizon Fund, which has sought a stay on Religare Enterprises board’s September 11 resolution. The board of REL had passed a resolution on Monday granting ₹500 crore to its subsidiary Religare Capital Markets to repay a loan to Axis Bank. NCLT also issued notice to REL and its arm along with promoters (Singh brothers) asking them to reply on the petition in four weeks.
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