{"id":108015,"date":"2024-08-04T19:41:24","date_gmt":"2024-08-04T19:41:24","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/04\/money-laundering-case-ed-summons-three-independent-directors-of-care-health-insurance\/"},"modified":"2024-08-04T19:41:25","modified_gmt":"2024-08-04T19:41:25","slug":"money-laundering-case-ed-summons-three-independent-directors-of-care-health-insurance","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/04\/money-laundering-case-ed-summons-three-independent-directors-of-care-health-insurance\/","title":{"rendered":"Money laundering case: ED summons three independent directors of Care Health Insurance"},"content":{"rendered":"
\"Money<\/div>\n
Mumbai: The Enforcement Directorate<\/a> (ED) has summoned three independent directors of Care Health Insurance<\/a>, a subsidiary company of Religare Enterprises<\/a>, to appear before it on August 5, in relation to an investigation on alleged money laundering<\/a> violations.<\/p>\n

Care Health Insurance’s chairperson Rashmi Saluja<\/a> is locked in a takeover battle with the Burman family<\/a> for Religare<\/a> Enterprises. Saluja is also the executive chairperson of Religare Enterprises.<\/p>\n

The ED has registered a fresh case in the Religare-Dabur saga based on a first information report (FIR) registered by the Mumbai police’s Economic Offences Wing<\/a> (EOW). A predicate offence is a must for the ED to probe a money laundering offence. <\/p>\n

The Mumbai police registered the cheating case last year in November following a local court’s order. The case was subsequently transferred to its EOW for investigation.<\/p>\n

In the Mumbai police case, complainant Vaibhav Gawli, a shareholder<\/a> of Religare Enterprises<\/a>, had named Dabur group<\/a> chairman Mohit Burman and his family members, and former Religare promoters-Malvinder and Shivinder Singh-among 14 accused in the case. JM Financial<\/a>, manager of the Burmans’ open offer, is also an accused.<\/p>\n

“The probe has just commenced and is in its preliminary stage. All aspects of the allegations are being studied and hence the independent directors have been asked to join the probe,” said an official privy to the development. ED’s probe will ascertain if the allegations levelled by the complainant are indeed true and if there is any instance of money laundering in the open offer. A person summoned under section 50 of the PMLA ((Prevention of Money Laundering Act) has the option to represent themselves through their legal representative during the first summon and or also seek time to be present in person on a future date. The three non-executive independent directors who have been summoned are SL Mohan, Asha Nair and Hamid Ahmed.<\/p>\n

Mohan retired from the board of Care Health Insurance a few months ago, while Ahmed is also an independent director on the board of Religare Enterprises.<\/p>\n

They have been asked to provide details about all the employee stock options plans (Esops) issued by Care Health Insurance since FY19.<\/p>\n

The federal probe agency has also sought details of the board and statutory approvals regarding the Esops. ET has seen a copy of the ED notice.<\/p>\n

“This (offence) doesn’t fall under the scheduled offence under the PMLA,” said a person familiar with the development.<\/p>\n

Scheduled offences are the acts which are listed in PMLA.<\/p>\n

An email sent to Care Health Insurance didn’t elicit any response.<\/p>\n

Last month, the Insurance Regulatory and Development Authority of India (Irdai) directed Care Health Insurance to buy back 7.56 million shares allotted to its chairperson Rashmi Saluja at the same price as the exercise price of \u20b945.32 per share, for violating its rules.
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mumbai: The Enforcement Directorate (ED) has summoned three independent directors of Care Health Insurance, a subsidiary company of Religare Enterprises, to appear before it on August 5, in relation to an investigation on alleged money laundering violations. Care Health Insurance’s chairperson Rashmi Saluja is locked in a takeover battle with the Burman family for Religare […]<\/p>\n","protected":false},"author":2,"featured_media":108016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-112270450,imgsize-32458.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[66082,3755,89337,1287,66083,9570,36015,1837,649,7752,11068,66084,15699,1455,2503,70088,66080,70087,23009,9134],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/108015"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=108015"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/108015\/revisions"}],"predecessor-version":[{"id":108017,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/108015\/revisions\/108017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/108016"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=108015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=108015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=108015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}