NBFC Religare Enterprises Ltd (REL) said on Sunday it had paid market regulator Sebi Rs 541 crore to settle its past cases. In a statement, the company said that to address another legacy issue and keep REL growing in line with its plans, it had filed a settlement application under the SEBI (Settlement Procedure) Regulations 2018 but did not acknowledge or deny SEBI’s findings.

SEBI reviewed the above application and the terms of the settlement proposed by the company and, after taking into account the facts and circumstances of the case, approved the designated procedure, which can be settled upon payment of Rs 5.41 crore. The statement further stated that between April 1, 2011, and March 31, 2018, specific compliance requirements were ignored/not followed.

Notably, during the said period, the company was controlled and managed by former promoters Malvinder Mohan Singh and Shivinder Mohan Singh and several individuals who were accustomed to acting on their instructions.
None of these is now related to REL, adding that the exchange has reclassified the previous promoter as a public shareholder, and REL is a professional company without any promoters.

In addition, the company and its subsidiaries have been actively pursuing various legal recourse against such persons. It said current management is working tirelessly to restore REL to its rightful place as the BFSI space leader. Addressing these legacy issues remains a priority as the company embarks on a new journey with new business and new funding heavy.