India, November 2017:The Board of Directors (the “Board”) of Religare Enterprises Limited (“Religare”) is pleased to announce the appointment of Mr. S. Lakshminarayanan (IAS – Retd.) as its new Executive Chairman with effect from November 14, 2017. Presently he is Chairman & Independent Director in Shriram Transport Finance Co. Ltd., India’s largest Non-Banking Financial listed company.
The Board of Religare strongly believes that the breadth of experience and understanding of Mr. Lakshminarayanan in the financial services industry, will position the Company well for the next phase of its growth.
Following this Board decision, the Promoter, Mr. Malvinder Mohan Singh will relinquish his position as Non-Executive Chairman and continue as a Non-Executive Board Member.
Welcoming Mr. Lakshminarayanan, Malvinder Mohan Singh and Shivinder Mohan Singh said, “We are deeply honoured to have Mr. S. Lakshminarayanan as the new Executive Chairman of Religare. Under his leadership we are confident that Religare will overcome its existing challenges and will be back on its growth path.” Adding further Malvinder and Shivinder said, “We have always believed that a professional management should run a diversified and highly regulated business such as Religare. However in July 2016, due to sliding business performance, we had to return back on the Board. Since then we have been engaging closely with the members of the Board and the Management to understand and address the issues and took a series of corrective measures to stabilize the Company. We now feel the time has once again come for us to hand over the reins to a new committed professional team to drive Religare’s future growth.”
Assuming his position as the Executive Chairman of Religare, Mr. S. Lakshminarayanan said, “I am proud to lead Religare into its new phase of growth. The past few years have been challenging for the organization. Both Malvinder and Shivinder, from the time they returned to the Board last year, have done a commendable job by taking various strategic decisions and corrective actions, to stabilize and consolidate the business.” He further added, “The intrinsic value of the Religare brand is still strong. I firmly believe, together with the Board and the management team, we will strengthen the Company’s business and financial performance and put it back on its growth trajectory.” Mr. Lakshminarayanan expressed, “Having taken the mantle as the Chairman of Religare, my immediate focus will be to strengthen the governance structure, bring in new Board members, infuse fresh equity capital, chalk out future growth plans and work towards enhancing stakeholder value.”
The Board is also pleased to induct Ms. Kishori Udeshi as an Independent Director on the Board. Ms. Udeshi was the first woman to be appointed as Deputy Governor of the Reserve Bank of India and also the first Executive Director of the RBI to be nominated on the Board of State Bank of India.
Malvinder Singh and Shivinder Singh, said, ‘Under the leadership of Mr. Lakshminarayanan, and with the induction of Ms. Kishori Udeshi, both of whom are immensely respected for their integrity and professionalism, we are certain that the Company will unlock its true potential and create significant value for all its stakeholders.”
The Board of Directors of Religare today also expressed its intent:
- To raise primary capital in Religare Enterprises Ltd and its key subsidiaries
- To review various strategic options including partnerships with complementary businesses
- And to induct new management in Key Positions, including Finance, Administration and Human Resources
Further details on the above will be shared after seeking necessary approvals.
Additionally the following changes were made in Religare Enterprises Ltd.:
- Mr. Rashi Dhir has resigned from the Board of the Company as an Independent Director of the Company
- Mr. Maninder Singh has resigned as CEO, Religare Enterprises Ltd.
- Mr. Anil Saxena has resigned as CFO, Religare Enterprises Ltd.
- Mr. Mohit Maheshwari has stepped down from the position of the Company Secretary and Compliance Officer of the Company
- Mr. Krishnan Subramanian has been appointed as CFO, Religare Enterprises Ltd.