The Delhi High Court has ordered the removal of the ‘fraud’ tag from Religare Finvest Ltd (RFL), a wholly-owned subsidiary of Religare Enterprises Ltd (REL).

The lead bank of RFL had put the RFL’s account on the Reserve Bank of India’s Central Fraud Registry.

The Delhi High Court order dated December 18 came after RFL had filed a writ petition with respect to declaration of RFL’s account as ‘fraud’ exposure by the lead bank, REL said in a filing with the stock exchanges on late Tuesday evening.

Also read: Public Sector Banks may see further consolidation

Commenting on the removal of the ‘fraud’ tag, Rashmi Saluja, Executive Chairperson, REL and CMD RFL said, “We wholeheartedly welcome the Delhi High Court’s ruling, acknowledging it as a validation of our steadfast commitment to excellence and integrity. The decision by the court is evidence of our resolve towards a full scale revival of the business and establishing Religare Group as a diversified financial services conglomerate. Through our efforts, we have made Religare Finvest Limited business ready.”

Pankaj Sharma, Chief Executive Officer, REL said, “We are grateful to the Delhi High Court for removal of fraud tag. We remain unwavering in our pursuit of good work, guided by the principles of fairness, integrity and the relentless pursuit of excellence and revival of the organisation.”

The Central Fraud Registry was constituted under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and select FIs) Directions 2016.

Related Topics