Religare challenges fraud classification of RFL by lenders, hopeful of RFL resolution

With regard to latest communication dated February 11, 2022 from Reserve Bank of India (RBI) advising that 'restructuring of RFL cannot be implemented with REL continuing as a promoter, as RFL has been declared Fraud exposure by lenders', Dr Rashmi Saluja Chairperson, REL and CMD, RFL informed that "Our Company Religare Finvest Ltd (RFL) has itself been victim of fraud perpetuated by its erstwhile promoters and management. We have challenged the whole process of RFL being classified as 'Fraud' account and legal & corrective actions with respect to the same have already been initiated. Therefore we are hopeful that we would be able to get this fraud tagging by lenders removed at the soonest for successful implementation of Debt Restructuring Plan with REL continuing as its promoter."

Source : Equity Bulls

Keywords

ReligareEnterprises FraudClassification RFL ReligareFinvest