ED summons Dabur's Mohit Burman in Religare open offer case: CNBC-TV18

The Enforcement Directorate has issued summons to Dabur’s Mohit Burman in connection with the Religare open offer case, CNBC-TV 18 report said on August 14. According to the sources cited by CNBC-TV 18, Burman had appeared before the probe agency last week and the statements have been recorded.

In reply to Monecontrol, the Burman family spokesperson said, “we welcome the investigation into this matter related to Religare Enterprises Limited (REL), as it will help bring the correct facts to light.”

The spokesperson further said that “the Open Offer price for REL has been calculated based on the formula outlined in SEBI Takeover Regulations, arriving at INR 221. Our Open Offer price, set at INR 235, is at a premium to this price. Ultimately, it will be up to the shareholders to decide whether to tender their shares in the Open Offer or remain invested, post regulatory approvals.”

According to a report by the Economic Times, this is the first instance when an investigation agency has summoned all stakeholders in the Religare-Burman row.

The ED is probing the alleged money laundering case linked to the open offer made by the Burman family to Religare stockholders.

In an interview to CNBC-TV18 last year, the Dabur India Chairman had dismissed the charges levelled by Religare. “We believe that everything is above board, and sooner than later, all the regulators will give us the nod to proceed and close the acquisition,” said Mohit Burman in an interview with CNBC-TV18.