Religare Enterprises Limited (REL) is an Indian investment and financial services holding company, headquartered in New Delhi.
Religare announced a joint venture with Macquarie Bank Ltd. in October 2007 to expand its wealth management business.
In December 2011, Avigo Capital[11] and in January 2012, Jacob Ballas[12] invest in Religare Finvest Limited (RFL).
In 2014 Religare announced acquiring a 26% stake in YourNest Angel Fund through its Global Asset Management arm (RGAM).
In January 2018 Reserve Bank of India (RBI) put RFL under a Corrective Action Plan (CAP) due to issues emanating from siphoning and misappropriation of funds by erstwhile promoters of REL and their associates and it was prohibited by RBI from expanding its Credit portfolio other than investments in Government Securities.
RFL defaulted on interest payment to bond holders due on February 25, 2022 due to asset liability mismatch, said to arise out of siphoning and misappropriation of funds by erstwhile promoters of its parent company RFL and REL entered into a settlement agreement with 16 lenders in Dec 2022 (including SBI, Bank of Baroda, UBI, Canara Bank, PNB, BoI, IDBI Bank, P&SB, BoM) and a one time settlement (OTS) was completed in Mar 2023.
ED is, as per news reports, readying a charge sheet against erstwhile promoters (Shivinder and Malvinder) for diversion of funds from RFL.