Religare Enterprises has filed a petition before the Hon'ble National Company Law Tribunal, New Delhi Bench (“NCLT) on 14 June 2019 seeking rectification of Register of Members of the Company by cancellation of 0.01% 2,50,00,000 Preference Shares (“Preference Shares”) issued by the Company on 30 August 2016 to RHC Finance , a Promoter Group Company.

The said petition has been filed by the Company basis certain facts discovered by the new Management relating to illegality in issuance of the said Preference Shares.

By way of the aforesaid petition, amongst others, REL seeks avoidance of the abovesaid Preference Shares and consequent rectification of the register of members of REL. REL has also sought interim relief with respect to suspension of voting rights and dividend rights attached to the said Preference Shares.

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Net Loss of Religare Enterprises reported to Rs 105.87 crore in the quarter ended March 2019 as against net loss of Rs 275.35 crore during the previous quarter ended March 2018. There were no Sales reported in the quarter ended March 2019 as against Rs 7.89 crore during the previous quarter ended March 2018.

For the full year,net loss reported to Rs 146.11 crore in the year ended March 2019 as against net loss of Rs 326.25 crore during the previous year ended March 2018. Sales declined 39.05% to Rs 9.13 crore in the year ended March 2019 as against Rs 14.98 crore during the previous year ended March 2018.

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Religare Enterprises will hold a meeting of the Board of Directors of the Company on 23 May 2019.

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The Board of Religare Broking and Religare Commodities, wholly owned subsidiaries of Religare Enterprises at their meetings held on 13 May 2019 have decided to withdraw the “Scheme of Merger” of Religare Commodities into/with Religare Broking. Therefore, the “Scheme of Merger” of Religare Commodities with/into Religare Broking stands withdrawn w.e.f. 13 May 2019

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