Religare Finvest Ltd, the non-banking finance arm of Religare Enterprises Ltd, on Wednesday completed payment of 21.78 bln rupees as one-time settlement to all 16 lenders against their outstanding dues including unsecured exposure, the company informed exchanges today.
As per reports, Religare Finvest owed 53.44 bln rupees to 16 lenders including State Bank of India, Bank of Baroda, Canara Bank, and Punjab National Bank.
The release stated that Religare Finvest is taking legal measures to recover the cash that were syphoned off by its former promoters.
The Securities and Exchange Board of India had barred Religare Enterprises Ltd's former promoters Malvinder Mohan Singh and Shivinder Mohan Singh from the securities market for three years and imposed a penalty of ₹100 mln on each of them on Jul 28 in relation to the alleged diversion of funds to the tune of over ₹24 bln from Religare Enterprises and Religare Finvest to entities connected to the Singh brothers.
The shares of Religare Enterprises traded 5.36% higher at ₹162.30 on NSE at 12:30 p.m IST.
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