Irdai has no objection to Burman family's proposed acquisition of Religare: Report

Religare is currently in a battle with the Burman family over the acquisition, the report said.

The Insurance Regulatory and Development Authority of India (Irdai) has no objection to the proposed acquisition of Religare Enterprises by the billionaire family which own Dabur Ltd, Mint reported on October 25.

Religare did not initially act on the proposal but later applied to the insurance regulator after the Securities Appellate Tribunal (SAT) came into the picture, the report said said.

Religare is currently in a battle with the Burman family over the acquisition, the report said.

Moneycontrol could not independently verify the report.

In July, SAT directed Religare Enterprises to file for all requisite regulatory approvals for facilitating the open offer by Burman Group by July 22.

In September, it was reported that the annual general meeting (AGM) of Religare Enterprises was put off to December, inviting questions by proxy advisory firm InGovern over the move.

InGovern said since the listed entity was in the middle of a corporate battle involving the Burman family, which owns Dabur India,  the Securities and Exchange Board of India should immediately look into the delay and act in case any violations are found. Religare refuted the claims.