ED Searches Residences Of Top Executives Of Religare Enterprises

The Enforcement Directorate officials had on Wednesday searched the premises of Religare Enterprises Ltd.'s Executive Chairperson, Rashmi Saluja, according to an exchange filing from the company on BSE.

Searches were also conducted at the premises of Group Chief Financial Officer Nitin Agarwal, General Counsel Nishant Singhal and Religare Finvest Chief Operating Officer Chirag Jain.

The searches were in relation to a First Information Report against the former promoters of REL, four acquirer companies of Burman Group, and the members of the Burman family, Abhay Agarwal and JM Financial.

No incriminating documents were found during the search.

The ED has also frozen the employee stock ownership plan shares of the firm's health insurance subsidiary, Care Health Insurance Ltd., that Rashmi Saluja, Nitin Aggarwal and Nishant Singhal had received.

"The persons searched, the questions asked during the search and the ESOP shares freezed are in no way related to the FIR or the predicate offence as discernible from the FIR," the filing said.

Shares of Religare rose over 0.39% to trade at Rs 271.95 apiece. This compares to a 0.05% rise in the NSE Nifty 50.