he high court listed the matter for further hearing on November 11
The company has been in financial distress, primarily due to alleged misappropriation of funds by erstwhile promoters Shivinder Singh and his brother Malvinder Singh
Religare Enterprises has said its NBFC arm Religare Finvest will be able to fully recover its fixed deposits, with an interest, of around Rs 950 crore from debt-ridden Lakshmi Vilas Bank
The lender's chief executive S Sundar and six other directors were voted out by shareholders earlier this week
Beleaguered bank is currently in merger talks with Clix Capital
It is estimated that about Rs 700 - 900 crore of likely liability may hit the bank
The high court rejected Malvinder's plea challenging the criteria laid down by the high powered committee for granting interim bail to under trial prisoners on the ground of prevalence of the Covid-19
The high court on July 23 granted bail to Singh, saying it does not perceive any grave threat to the interests of the society or the public at large with his release
Chief Metropolitan Magistrate Gurmohina Kaur on Monday rejected Singh's bail application on the ground that he was required to be kept in judicial custody for proper investigation in the case
The submission was made before Chief Metropolitan Magistrate Gurmohina Kaur during hearing of arguments on the bail plea moved by Singh in the case lodged by the EoW of Delhi Police
According to the plan, of the Rs 5,852 crore, around Rs 2,700 crore is sustainable debt and will be serviced by the SME portfolio
Tribunal pulls up Sebi for passing contradicting orders
SAT has directed RFL to maintain its assets worth Rs 200 crore for a period of three months
Religare said in a statement that ED's move vindicates its claim that the erstwhile promoters and Godhwani were at the helm of affairs when the frauds were committed
Any debt restructuring at Religare Finvest, which is being bought by TCG Advisory Services, would be the first among peers since the credit market squeeze started in 2018
Singh is already in judicial custody in another case
RFL is a group firm of REL, which was earlier promoted by Malvinder and his brother Shivinder Singh
Additional Sessions Judge Sandeep Yadav sent Singh to ED remand after the agency sought his 14-day custodial interrogation.
The court also extended till December 23 the judicial custody of Malvinder and Godhwani in a separate money laundering case related to the misappropriated funds scam
Besides Malvinder, the court remanded Sunil Godhwani, former CMD of Religare Enterprises Ltd, to the judicial custody till December 12