Religare Enterprises, a financial services firm controlled by the Burman family, has approved the appointment of four new directors: Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam. The new directors will be non-executive and non-independent, and their appointments are subject to approval from the Reserve Bank of India (RBI) and the company’s shareholders. This move comes after the Burman family acquired a 25.16% controlling stake in the company earlier this month.
Additionally, the board has decided to suspend the operations of MIC Insurance Web Aggregator Private Ltd, a fully-owned subsidiary of Religare Enterprises, while its business model is re-evaluated. MIC Insurance Web Aggregator, which was previously a part of iGear Holdings Private Limited, has faced challenges in scaling up its operations and achieving profitability due to a lack of additional capital support and a competitive landscape. The company’s financial situation remains unsustainable, leading to the decision to suspend its operations. The Burman family, who now control a significant stake in Religare Enterprises, are likely to play a key role in shaping the company’s future direction and making strategic decisions to strengthen its position in the financial services sector.