Religare Enterprises Limited has informed the Exchange about General Updates
RELIGARE · price
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The Delhi High Court, in an order dated July 22, 2025, has quashed and set aside the classification of Religare Finvest Limited's (RFL) account as 'Fraud' by 14 banks, including Central Bank of India, Bank of Baroda, Bank of India, Punjab National Bank, Axis Bank, and IDBI Bank, among others. The court ruled that RFL was not given an opportunity to be heard before the fraud classification, which violated principles of natural justice as mandated by the Supreme Court's ruling in State Bank of India vs. Rajesh Agarwal. The banks have been directed to remove RFL's name from RBI's Central Fraud Registry within two weeks. RFL had challenged the classification partly because it had already settled all outstanding dues with the lenders through a One Time Settlement (OTS) and obtained No Dues Certificates. Central Bank of India had already removed the fraud tag in August 2024 during the pendency of the writ petition.
This is a significant positive development for Religare Enterprises shareholders as it removes the fraud tag from its material subsidiary, which had effectively restricted RFL's access to institutional finance and capital markets. The court's order may improve RFL's ability to raise funds and restore confidence in the Religare group, likely having a positive impact on the stock.