Religare Finvest Limited (RFL), a wholly owned subsidiary of Religare Enterprises Ltd (RFL), has commissioned an expert agency for a forensic investigation into alleged “siphoning-off of funds from RFL by the erstwhile promoters of the company”.
“Pursuant to the terms agreed with respect to the recovery proceeds of CLB portfolio and FDs… (from) Lakshmi Vilas Bank (LVB) (now DBS), under the Upside Sharing Agreement signed by RFL with the lenders, it is imperative for RFL to keep pursuing recovery of the siphoned off funds,” Religare said in a stock exchange filing.
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