NEW DELHI: In a path breaking update, Religare Enterprises Ltd on Friday announced in accordance with the terms of the sanction letters received from the OTS lenders, Religare Finvest Ltd (RFL) along with RFL’s parent company has entered into a Settlement Agreement on December 30 in connection with the OTS with all the 16 secured lenders (OTS Lenders) for full and final settlement with respect to all their outstanding dues of RFL.
The lenders are Bank of Baroda, Union Bank of India, Canara Bank, State Bank of India, Punjab National Bank, Bank of India, SIDBI, Central Bank of India, UCO Bank, IDBI Bank Limited, Punjab & Sind Bank, Bank of Maharashtra, South Indian Bank, Karnataka Bank, Karur Vysya Bank, and Federal Bank Ltd.
The RFL shall ensure compliance to the terms and conditions of the said OTS agreement.
Led by a new management and a professionally-run Board since 2018, the Religare Group has been making positive strides to grow each of its individual entities and has worked tirelessly in order to progress and provide stability backed by strong corporate governance at its core.
The RFL has been taking necessary corrective measures as advised by the Reserve Bank of India and it will seek removal of the CAP (Corrective Action Plan) in due course so that RFL can restart its lending business.
On this significant development, Rashmi Saluja, executive chairperson of Religare Enterprises, said: “This is a positive and significant move in the history of our company. Our tireless efforts and representations to our lenders have shown positive results and we appreciate their backing and support at this critical juncture. This move takes us closer to our vision of turning the Religare Group into a 360-degree financial services conglomerate.”
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