Religare Enterprises has informed that Religare Finvest (RFL), wholly owned subsidiary of Religare Enterprises (Company) has commissioned an investigation into siphoning-off of funds from RFL by the erstwhile promoters of the Company. Pursuant to the terms agreed with respect to the recovery proceeds of CLB portfolio and FDs misappropriated by Lakshmi Vilas Bank (LVB) (now DBS), under the Upside Sharing Agreement signed by RFL with the lenders, it is imperative for RFL to keep pursuing recovery of the siphonedoff funds. Accordingly, to aid RFL to recover such funds, RFL has commissioned the aforementioned investigation.
The above information is a part of company’s filings submitted to BSE.
