Religare Enterprises, a financial services firm controlled by the Burman family, has appointed four new directors to its board. The new directors, Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam, will serve as non-executive and non-independent directors. Their appointment is subject to approval from the Reserve Bank of India (RBI) and the company’s shareholders. The appointments are effective immediately, pending the receipt of necessary approvals.
The company has also announced the suspension of the operations of its wholly-owned subsidiary, MIC Insurance Web Aggregator Private Ltd. This decision was made after it became clear that the company was unable to scale up its operations and achieve the necessary revenue and profitability due to a lack of additional capital support. MIC was previously a part of the Indian Express Group’s iGear Holdings Private Limited before being acquired by Religare Enterprises in December 2023.
The company has decided to evaluate the feasibility of the business model of MIC Insurance Web Aggregator, with the aim of re-evaluating its operations. This move is part of a larger effort by Religare Enterprises to strengthen its position in the financial services sector. With the appointment of new directors and the suspension of MIC’s operations, the company is looking to refocus its strategy and drive growth in a competitive market.
It’s worth noting that the Burman family has recently acquired a 25.16% controlling stake in Religare Enterprises, further increasing their influence over the company. The new directors and the decision to suspend MIC’s operations are likely part of a broader plan to revamp the company’s strategy and position it for future growth.