Religare says ED conducted searches at premises of Rashmi Saluja, others

Religare says ED conducted searches on premises of Rashmi Saluja, others

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26 Aug, 2025 12:21

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The Enforcement Directorate conducted searches at multiple premises linked to senior officials of Religare Enterprise Ltd (REL), including its chairperson Rashmi Saluja, earlier this week, said Religare Enterprises on August 23.

"The Directorate of Enforcement officials had conducted searches at the premises of Key Managerial Personnel / senior officials namely Rashmi Saluja, Executive Chairperson, Nitin Agarwal, Group CFO, Nishant Singhal, Group General Counsel of REL  and Chirag Jain, Chief Operating Officer of Religare Finvest Limited, a wholly-owned subsidiary of the Company) on August 21, 2024," said Religare in a stock exchange filing.

The searches were in relation to FIR against erstwhile promoters of REL, four acquirer companies of Burman Group, members of Burman Family, Abhay Agarwal and JM Financial.

No incriminating documents were found during the searches, said the company.

"However, the ED has freezed the ESOP Shares of Care Health Insurance Limited, the health insurance subsidiary of the Company (CHIL), received by Rashmi Saluja, Nitin Aggarwal and Nishant Singhal. Incidentally, the ESOP Shares of CHIL issued to Dr. Rashmi are the subject matter of an Order of IRDAI in respect of which an Appeal is pending before the Hon’ble Securities Appellate Tribunal," added the company.

In June, markets watchdog Sebi had ordered non-banking financial company REL to seek statutory approvals from regulatory authorities for an open offer by Dabur India promoter Burman family.

The public announcement of this offer was made on September 25, 2023, stating that they intended to buy up to 26 per cent of the company’s expanded voting share capital at Rs 235 per share, totalling Rs 2,115.99 crore.

Following this announcement, the Committee of Independent Directors of Religare raised multiple objections before Sebi, arguing that the Burman Group was not fit and proper to acquire these additional shares. These objections were submitted on various dates between October 18, 2023, and June 11, 2024.