Recall loans to Singh bros: Sebi to Religare

Mumbai: Sebi has asked Religare Enterprises and its subsidiary Religare Finvest to recall loans, amounting to Rs 2,315 crore, which were extended to group companies or firms associated with its promoters Malvinder and Shivinder Singh. Sebi also ordered an investigation of the fund diversion in this case “to find out the role of each entity in the alleged routing of funds”.
Sebi asked the companies and the Singh brothers not to dispose any assets till the investigations are complete. They have also been asked not to divert any funds, except for meeting expenses of day-to-day operations, without the prior permission of Sebi. These companies and the brothers have also been ordered not to associate themselves with Religare Enterprises and Religare Finvest.