In a bid to retrieve funds misappropriated by its promoters, Religare Finvest Ltd., a completely owned subsidiary of Religare Enterprises Ltd. has commissioned an investigation, it said in an trade submitting on Saturday.
Religare’s founders, Malvinder Singh and Shivinder Singh, served jail time for allegedly syphoning funds from their corporations in connivance with officers from Lakshmi Vilas Financial institution.
Pursuant to the phrases agreed with respect to the restoration proceeds of the mounted deposits misappropriated by Lakshmi Vilas Financial institution (now DBS), underneath the Upside Sharing Settlement signed by RFL with the lenders, it’s crucial for RFL to maintain pursuing restoration of the syiphoned-off funds, the corporate said in its trade submitting.
Accordingly, to help RFL in recovering such funds, RFL has commissioned the investigation, it defined.
