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Singh brothers in dock: Religare expresses satisfaction after ED action

ED on January 10 filed a charge sheet against Shivinder Singh and his brother Malvinder before a Delhi court in a case related to alleged misappropriation of funds at Religare Finvest Ltd.

January 10, 2020 / 09:36 PM IST
 
 
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Following ED's charge-sheet against erstwhile promoters Malvinder and Shivinder Singh along with a co-accused, Religare on January 10 expressed satisfaction over the course of events.

"We are happy that the law has taken its own course.The focus of the new Board and management is to ensure that the ethos of good governance, ethics and accountability become the hallmark of the Religare Group. All efforts continue to be made to rebuild the business, mobilise fresh capital and correct the transgression & legacy issues of the past. The management and internal controls at the Group and all subsidiaries' level have also been revamped, bringing in much needed assurance to employees about a stable and action-oriented management," said Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises Limited.

ED on January 10 filed a charge sheet against Shivinder Singh and his brother Malvinder before a Delhi court in a case related to alleged misappropriation of funds at Religare Finvest Ltd.

The probe agency has accused all three of money laundering, punishable under Sections 3 and 4 of the Prevention of Money Laundering Act.

The court took cognisance of the charge sheet and issued production warrant against them for January 20. All the three accused are currently in judicial custody.

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The ED also named RHC Holdings Pvt Ltd as an accused in its charge sheet.
Moneycontrol News
first published: Jan 10, 2020 08:17 pm

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