The regulator on Friday disposed of the June 19, 2024 interim order-cum-show cause notice without imposing any fresh directions, holding that the remedial objective of the proceedings had already been achieved. Sebi had launched proceedings alleging that Religare and its board failed to cooperate with the mandatory open offer triggered after the Burman Group sought to raise its stake beyond the 25% threshold under the takeover rules.
The regulator alleged that the company violated its takeover code by delaying the process.
Sebi had alleged that REL repeatedly questioned the Burman Group's 'fit and proper' status and refused to apply for approvals from the Reserve Bank of India, IRDAI and the market regulator despite being advised to do so.
The regulator had said the open offer could not progress because the RBI would accept the application only from the target company.
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