Aug 14, 2024 01:51 PM IST
The probe is related to the Burman family’s open offer to the shareholders of Religare Enterprises (REL), as per a report by The Economic Times.
The Enforcement Directorate (ED) summoned Dabur India Chairman Mohit Burman along with three independent directors of Care Health Insurance and the manager of the open offer, in connection with an alleged money laundering investigation. The probe is related to the Burman family’s open offer to the shareholders of Religare Enterprises (REL), as per a report by The Economic Times.
The investigation is linked to allegations of funds syphoned from Religare Finvest, a non-banking financial company (NBFC) under Religare Group, being funnelled into companies connected to the open offer.
The probe was initiated after a complaint by REL shareholder Vaibhav Gawli who accused the Burman family of making false claims and misrepresentations in their open offer to REL shareholders. The complaint alleged that this lead to manipulating shareholders into tendering their shares while the risks associated with the offer were not fully disclosed. This led to financial losses for shareholders like Vaibhav Gawli who purchased shares after the offer was announced, it added.
As per the report, this is the first time a probe agency has summoned all stakeholders involved in the Religare-Burman dispute. The ED has already recorded Vaibhav Gawli’s statement, the report added.
The Burmans have said that the open offer price was set at ₹235, a premium over the calculated price of ₹221 based on Sebi’s takeover regulations, the report mentioned.