Religare Appoints Four Directors, Suspends MIC Operations

New Delhi, Feb 26 (PTI) Burman family-controlled financial services firm Religare Enterprises on Wednesday approved the appointment of four directors -- Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan and Suresh Mahalingam.

These persons have been appointed as additional directors to be designated as non-executive and non-independent category, Religare Enterprises said in a regulatory filing.

Earlier this month, Burman family acquired a controlling stake of 25.16 per cent in the financial services firm.

According to the filing, their appointments will be effective post-approval of the RBI.

Appointments are subject to the approval of shareholders of the company.

Besides, the board has also approved the suspension of the operations of MIC Insurance Web Aggregator Private Ltd for the time being till the feasibility of the business model of the company is re-evaluated.

MIC Insurance Web Aggregator, an Irdai registered insurance web aggregator, became a wholly-owned subsidiary of Religare Enterprises Ltd on December 8, 2023. Previously, MIC was a part of iGear Holdings Private Limited of The Indian Express Group.

MIC was not able to scale up its operations and achieve the optimum level of revenue and profitability due to a lack of additional capital support, it said, adding that with the limited scope of growth in a competitive landscape, MIC's financial position continued to be untenable.