Religare board approves appointment of four directors, ET BFSI
Burman family-controlled financial services firm Religare Enterprises on Wednesday accepted the appointment of 4 administrators — Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan and Suresh Mahalingam. These individuals have been appointed as extra administrators to be designated as non-executive and non-independent class, Religare Enterprises stated in a regulatory submitting.
Earlier this month, Burman household acquired a controlling stake of 25.16 per cent within the monetary companies agency.
In keeping with the submitting, their appointments might be efficient post-approval of the RBI.
Appointments are topic to the approval of shareholders of the corporate.
In addition to, the board has additionally accepted the suspension of the operations of MIC Insurance Web Aggregator Personal Ltd in the intervening time until the feasibility of the enterprise mannequin of the corporate is re-evaluated.
MIC Insurance coverage Internet Aggregator, an Irdai registered insurance coverage internet aggregator, grew to become a wholly-owned subsidiary of Religare Enterprises Ltd on December 8, 2023. Beforehand, MIC was part of iGear Holdings Personal Restricted of The Indian Categorical Group.
MIC was not in a position to scale up its operations and obtain the optimum stage of income and profitability attributable to an absence of extra capital help, it stated, including that with the restricted scope of progress in a aggressive panorama, MIC’s monetary place continued to be untenable.
