Religare Enterprises shares rise 3% after board orders governance review
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Shares of Religare Enterprises went up by 2.8% on the BSE to their day’s high of Rs 241.70 on the BSE on Tuesday after the company appointed Trilegal and Grant Thornton Bharat LLP to conduct a governance review, assessing past operational practices and potential misconduct involving current and former employees. In a stock exchange filing, the company said the review will cover Religare Enterprises Ltd (REL) and its subsidiaries—Religare Finvest and Religare Housing Development Finance Corporation. The assessment aims to identify any irregularities, recommend system improvements, and strengthen internal controls. The board has also decided to seek immediate funding support from its new promoters, the Burman Group, to address an expected cash flow shortfall. “The Board has reviewed the company’s fund flow position and identified a cash flow gap in the coming months. After evaluating various options, it has unanimously decided to approach t...