Religare Enterprises has appointed Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan and Suresh Mahalingam as further administrators. They are going to be designated as Non-Govt and Non-Unbiased administrators after approval of the RBI and shareholders of the corporate.
The Board had additionally authorised the proposal to close down the operations of MIC Insurance coverage Net Aggregator, a subsidiary of the corporate as a consequence of its sub-optimal enterprise operations and continued decline in internet value.
MIC, an IRDAI registered insurance coverage net aggregator, turned a completely owned subsidiary of Religare Enterprises on December, 2023. Beforehand, MIC was an insurance coverage net aggregator belonging to iGear Holdings which was part of The Indian Categorical Group.
MIC was not capable of scale up its operations and obtain optimum stage of income and profitability as a consequence of lack of further capital help. With restricted scope of development in a aggressive panorama, MIC’s monetary place continued to be untenable, stated Religare.
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Within the mild of those issues, the Board of Administrators of REL have authorised to droop the operations of MIC until the re-evaluation of feasibility of the enterprise mannequin and accordingly REL shall impair the funding in MIC in its books.
Furthermore, loans prolonged by REL to MIC within the type of inter-corporate loans of ₹1.41 crore shall be written off within the books of the REL.
REL pays for all different excellent dues of MIC as much as ₹35 lakh and write off the identical within the books of accounts of REL.
The Board of REL additionally directed its subsidiaries to take away Dr Rashmi Saluja and Rakesh Asthaana from their respective Board and Committees.
