In January 2018, Religare Enterprises Ltd (REL) was placed under the Corrective Action Plan (CAP) by the Reserve Bank of India (RBI). In March 2023, the company successfully completed its one-time settlement (OTS) with 17 lenders by using organic collections, resolving all legacy issues.
REL’s subsidiary, Religare Finvest Ltd (RFL), cleared all its debts with external lenders, becoming debt-free and ready for fresh lending business.
The successful debt resolution has allowed RFL to resume operations with renewed vigor and strategic clarity, aiming to establish itself in the Micro and Small Enterprise (MSE) lending segment.
This development follows efforts to address legacy issues related to misconduct and fund diversion by the previous promoters. Additionally, an expert agency has been appointed to investigate alleged fund diversion. The Burmans of the Dabur group have made a takeover bid for REL, which is being contested by the current management.
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