14 august 2024 : The Enforcement Directorate (ED) has summoned Mohit Burman, Chairman of Dabur India, along with three independent directors from Care Health Insurance and the manager overseeing the open offer, as part of an investigation into alleged money laundering activities. This inquiry pertains to the Burman family’s open offer to the shareholders of Religare Enterprises (REL), according to a report by The Economic Times.
The investigation is associated with claims that funds were misappropriated from Religare Finvest, a non-banking financial company (NBFC) within the Religare Group, and redirected to entities linked to the open offer.
The inquiry was prompted by a complaint from REL shareholder Vaibhav Gawli, who accused the Burman family of making misleading statements and false representations in their open offer to REL shareholders. The complaint contends that these actions resulted in the manipulation of shareholders into tendering their shares without a full disclosure of the associated risks, leading to financial losses for investors like Gawli, who acquired shares following the announcement of the offer.
According to the report, this marks the first instance in which a probe agency has summoned all parties involved in the Religare-Burman dispute. The ED has already taken a statement from Vaibhav Gawli, as noted in the report.
The Burman family has asserted that the open offer price was established at ₹235, which represents a premium over the calculated price of ₹221, in accordance with Sebi’s takeover regulations, as mentioned in the report.