In a bid to retrieve funds misappropriated by its promoters, Religare Finvest Ltd., a wholly owned subsidiary of Religare Enterprises Ltd. has commissioned an investigation, it stated in an exchange filing on Saturday.
Religare's founders, Malvinder Singh and Shivinder Singh, served jail time for allegedly syphoning funds from their companies in connivance with officials from Lakshmi Vilas Bank.
Pursuant to the terms agreed with respect to the recovery proceeds of the fixed deposits misappropriated by Lakshmi Vilas Bank (now DBS), under the Upside Sharing Agreement signed by RFL with the lenders, it is imperative for RFL to keep pursuing recovery of the syiphoned-off funds, the company stated in its exchange filing.
Accordingly, to aid RFL in recovering such funds, RFL has commissioned the investigation, it explained.
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