Religare Enterprises Limited (REL) has announced that its wholly owned subsidiary Religare Finvest Limited (RFL) has completed One Time-Settlement (OTS) with 16 lenders on Wednesday.
“RFL OTS is a one-of-its-kind revival wherein the management has been able to address the legacy issues faced by the Religare Group due to fraudulent activities of the erstwhile promoters and pass on a significant amount to lenders while still preserving long-term value. Has paid of. Religare Group,” said Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd.
As per the official statement, OTS is being completed by making full and final payment of 400 crores already before the deadline of three months as per the settlement agreement with the lenders on 30 December 2022.
The company further informed that since January 2018, when the new management took over, RFL has paid 9,000 crores from its collections and to its lenders through the support of REL.
Meanwhile, RHDFCL, a subsidiary of RFL, will be made a direct subsidiary of REL in due course.
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