Latest News on Care Insurance
Rising inflation drives up health insurance premiums, increasing the cost of standardised healthcare.
The increasing cost of healthcare services has led to a rise in health insurance premiums. Medical inflation, which refers to the steady increase in costs related to health and healthcare services over time, is a major contributor to this trend. The main causes of medical inflation include advancements in medical science and technology, growing demand for healthcare services, rising labor costs, chronic diseases, and pharmaceutical costs.
As a result of medical inflation, health insurance companies are forced to hike their premium costs to reduce their losses. This has made standardized care costlier and out of reach for many individuals. Senior citizens and people with pre-existing medical conditions are particularly affected, as they are more likely to need medical treatment and therefore face higher premiums.
However, there are ways to deal with medical inflation and rising health insurance premiums! Here are some strategies:
- Review your policy: Regularly review your policy to ensure you have the right coverage and adjust it according to your changing health conditions.
- Compare policies: Compare policies from different insurance providers to find the best coverage at an affordable cost.
- Opt for higher deductibles: Choose a higher deductible to lower your premium costs, but be prepared to pay more out-of-pocket in case of a claim.
- Top-up plans: Consider top-up plans, which offer additional coverage at a lower cost than base plans.
- Multi-year policy: Purchase a multi-year policy to lock in premium rates and avoid hikes due to age or inflation.
- Healthy lifestyle: Practice a healthy lifestyle to reduce the risk of health issues and hospitalization, which may lead to discounts on premiums.
- Tax benefits: Claim tax benefits on premium payments to reduce your taxable income.
In conclusion, while medical inflation has a significant impact on health insurance premiums, there are ways to manage the rising costs. By being proactive and taking these strategies into account, individuals can stay financially protected against rising medical costs while keeping their premiums affordable.
From Tycoon to Bankrupt: The Fall of Fortis and Religare Promoter Shivinder Mohan Singh
Shivinder Mohan Singh, the former co-owner of pharmaceutical giant Ranbaxy Laboratories, has filed for personal insolvency with the National Company Law Tribunal (NCLT) in an attempt to seek relief under the Insolvency and Bankruptcy Code (IBC). The move comes after a long-standing legal battle with Japanese firm Daiichi Sankyo, which accused the Singh brothers of concealing critical regulatory issues related to Ranbaxy’s dealings with the US FDA and Department of Justice.
The dispute began in 2008 when the Singh brothers sold their controlling stake in Ranbaxy to Daiichi Sankyo for $4.6 billion. However, in 2016, a Singapore-based arbitral tribunal found the brothers guilty of fraudulent misrepresentation and awarded ₹3,500 crore in damages to Daiichi Sankyo. The subsequent enforcement actions by Indian courts led to the attachment and liquidation of several personal and corporate assets owned by the Singh brothers.
Shivinder’s insolvency petition claims that his current liabilities far outweigh his remaining assets, which have been significantly diminished in value or seized during the protracted legal and recovery proceedings. He attributes his financial downfall to both the ongoing Daiichi dispute and alleged mismanagement within RHC Holding Pvt. Ltd., where he was a corporate guarantor.
The petition has been filed under Section 94 of the IBC, which allows individuals to initiate insolvency proceedings when they are unable to meet debt obligations. If the petition is admitted, a resolution professional will be appointed to propose a structured repayment plan, subject to creditor consensus and court approval. The case has been adjourned for further proceedings in May.
The development marks a significant downfall for Shivinder, who once co-founded Fortis Healthcare and Religare Enterprises, names that were once synonymous with India’s booming healthcare and financial markets. The case also highlights the complexities and consequences of high-stakes business deals and the importance of regulatory compliance. As the proceedings unfold, it remains to be seen how the NCLT will rule on Shivinder’s petition and what implications this may have for his creditors and the broader business community.
Religare Enterprises Limited’s subsidiary has announced a reshuffle in its board of directors, with one director stepping down.
Religare Enterprises, a subsidiary of the global private equity firm, KKR, has undergone a board reshuffle and removed one of its directors. The move comes as part of the company’s efforts to revamp its leadership and improve its overall performance.
According to reports, a senior director at Religare, who had been with the company for several years, has been relieved of his duties. The exact reasons for the director’s removal have not been disclosed, but sources suggest that it was a unanimous decision made by the company’s board of directors.
The shake-up at Religare comes as the company faces significant challenges in the healthcare and financial services sectors. Despite its efforts to revamp its business strategy and increase efficiency, the company has struggled to maintain its growth trajectory.
Analysts have expressed concerns about the board reshuffle, with some questioning the timing and the potential impact on the company’s future prospects. “This move may send a signal to investors and employees that the company is trying to distance itself from its past missteps,” said a leading industry expert.
However, others have defended the decision, pointing out that it may bring in fresh perspectives and help the company to adapt to a rapidly changing business environment. “In today’s fast-paced business landscape, companies need to be agile and responsive to new challenges and opportunities,” said a corporate governance expert. “Religare’s decision to remove a director may be a sign of its commitment to innovation and growth.”
Religare’s board reshuffle is the latest in a series of high-profile changes affecting the healthcare and financial services sectors. As the industry continues to evolve, companies must adapt quickly to remain competitive and maintain their edge in the market.
In conclusion, Religare’s decision to remove a director from its board reflects the company’s efforts to revamp its leadership and improve its overall performance. While some have expressed concerns about the timing and potential impact of the move, others see it as a necessary step towards innovation and growth in the rapidly changing business environment.
Religare Named New Auditors and Compliance Chief
Religare Enterprises Ltd, a financial services and insurance company, has appointed new auditors and a compliance head. The company has appointed M/s S.R. Batlibel & Co. and M/s Walker, Chandiok & Co. as its joint statutory auditors for the financial year 2023-24.
The company has also appointed M/s. RPSG Transactions and its partner, Naveen Gupta, as its compliance officer. As the compliance officer, Naveen will be responsible for ensuring the company’s compliance with various laws, regulations, and corporate governance norms. According to the company, Naveen has over 20 years of experience in corporate law, compliance, and regulatory affairs.
The new auditors, M/s S.R. Batlibel & Co. and M/s Walker, Chandiok & Co., have a strong reputation in the industry for their technical expertise and experience in conducting audits. The company stated that it has faith in their ability to provide “independent and objective advice” and to “focus on Continuous Improvement and Compliance”.
The appointment of a new compliance officer will strengthen the company’s governance structure and ensure that it continues to meet the highest standards of corporate governance and regulatory compliance. The company’s Board of Directors welcomed Naveen Gupta and the new auditors, stating that their “passion, commitment, and expertise will be invaluable in driving the company’s growth and success”.
Religare Enterprises Ltd is a subsidiary of the Religare Group, a diversified financial services and insurance company with a presence in India and several other countries. The company provides a range of financial services, including insurance, asset management, and wealth management, as well as corporate and investment banking.
In recent years, the company has been focusing on expanding its presence in new markets, improving its technology and infrastructure, and enhancing its product offerings to customers. The appointment of new auditors and a compliance officer is part of the company’s efforts to strengthen its governance and risk management processes, and to ensure that it remains compliant with regulatory requirements and industry best practices.
Stay ahead of the markets: Get live Religare Enterprises share price updates as of February 10, 2025, and discover why it’s making headlines.
Religare Enterprises’ Stock Price Update: February 10, 2025
As of 15:55 IST, Religare Enterprises’ stock price is trading with recent movements reflecting key trends across various time frames. The company’s Simple Moving Averages (SMA) and Exponential Moving Averages (EMA) have been observed, providing insights for investors.
The 5-day SMA currently stands at Rs 248.03, slightly above the 5-day EMA of Rs 245.46. This indicates that the price is generally moving in the upward direction. The 10-day SMA is at Rs 258.17, while the EMA is Rs 245.90, suggesting that the stock may be stabilizing.
The longer-term trends are also worth noting. The 20-day SMA stands at Rs 269.07, compared to the EMA of Rs 252.43, indicating a slow upward movement. The 50-day SMA is Rs 274.01, while the EMA is Rs 263.15. The 100-day SMA is Rs 270.93, with the EMA at Rs 263.15. The 200-day SMA, at Rs 252.93, shows the broader trends and potential support levels for investors to consider.
These moving averages provide a comprehensive view of the stock’s recent performance and potential future movements. Investors can use this information to make informed decisions or adjust their portfolios accordingly. With this data, it is possible to anticipate the short-term and long-term directions of the Religare Enterprises’ stock price.
Recent Updates
Religare Enterprises is reportedly seeking funding from the Burman family in a new strategic move.
Religare Enterprises, a prominent Indian financial services and infrastructure company, has announced plans to raise funds from the Burman family, known for their significant interests in various consumer goods and beverages companies. The company is seeking to increase its financial stability, which has been impacted by recent market conditions and the impact of the COVID-19 pandemic.
Religare Enterprises is looking to infuse fresh capital to strengthen its balance sheet and accelerate its growth plans. The company has been focusing on expanding its presence in the financial services sector, particularly in the areas of commercial lending and wealth management.
The Burman family, which has interests in companies such as Dabur and Marico, is seen as a strong and credible investor in the Indian business landscape. Their investment in Religare Enterprises is expected to bring in a fresh perspective and a deeper understanding of the consumer goods and beverages sectors, which could be valuable for the company’s growth prospects.
According to industry experts, the deal is expected to be a significant one, with reports suggesting that the Burman family could invest up to $100 million in Religare Enterprises. The investment is likely to be made through a mix of equity and debt, with a focus on providing liquidity to the company and helping it to expand its business operations.
Religare Enterprises has been facing challenges in recent years, including a significant decline in its stock price and reported net losses. However, the company has been working to turn around its fortunes, with a focus on cost reduction, asset sales, and debt restructuring. The investment from the Burman family is seen as a significant step in this direction, and is expected to provide a much-needed boost to the company’s growth prospects.
In conclusion, the planned investment by the Burman family in Religare Enterprises is expected to be a significant development for the company, providing a much-needed injection of capital and a fresh perspective. The deal is likely to be watched closely by industry observers, who will be keen to see how the investment impacts the company’s performance and growth prospects in the long term.
Sebi rejects Digvijay Gaekwad’s bid to participate in Religare’s open offer.
Sebi, short for Securities and Exchange Board of India, has rejected the application of Digvijay Gaekwad, a non-promoter investor, for competing in the open offer of Religare Enterprises Ltd.
For the uninitiated, Religare Enterprises Ltd is an India-based private sector financial services company. In 2020, the company’s majority shareholder, Malvinder Sharma (formerly its MD), and other promoters, made an open offer to acquire another 26% stake in the company.
Digvijay Gaekwad, a non-promoter investor, had expressed a desire to participate in this open offer. However, Sebi has now rejected his application citing various reasons.
According to a report from the exchanges, Sebi has rejected the application on the grounds that Gaekwada’s intent in participating in the open offer was not genuine.
In addition, Sebi found that Gaekwad has a significant shareholding in the company and if allowed to participate in the open offer, it could lead to his holding a substantial stake, which could pose a regulatory concern.
Gaekwad was reportedly looking to purchase 2.5 million shares, which would have allowed him to become a significant shareholder in the company. However, Sebi deemed this plan to be detrimental to the interests of the company and it’s existing shareholders.
Sebi’s decision comes as a blow to Gaekwad, who had been optimistic about being able to acquire a significant stake in Religare. However, this move is seen as a key step in maintaining the regulatory framework that prevents concentration of shareholding in listed companies, preserving the integrity of the Indian capital market, and ensuring that companies remain transparent and accountable.
Religare’s CEO Rashmi Saluja steps down as director following an AGM vote, with the RBI affirming no reappointment is in order.
Rashmi Saluja, the executive chairperson of Religare, faced intense scrutiny and legal challenges as she presided over the company’s 40th Annual General Meeting (AGM) via video conferencing. The meeting came amid a takeover battle with the Burman family, who have made a bid to acquire a significant stake in the company. The AGM was also marked by mounting allegations of financial misconduct, which Saluja denied, stating that her management team had rescued Religare from collapse and restored its reputation in the financial sector.
Saluja had surprisingly removed the agenda item regarding her reappointment, insisting that she had already been appointed as chairperson until 2028, rendering a vote unnecessary. Proxy advisory firms had earlier recommended voting against her reappointment due to governance concerns. Saluja used the meeting to reject the allegations, claiming that the entire turnaround of the company in the past six years was being tainted by the current takeover battle between the four acquirer companies and the management. She emphasized that her team had achieved the turnaround, and its hard work was being discredited.
The outcome of the AGM may impact the efforts of US-based investor Digvijay ‘Danny’ Gaekwad to acquire a significant stake in Religare, as well as the Burman family’s bid. The future of Saluja’s tenure as executive chairperson remains uncertain, and the company’s future direction hangs in the balance, with the takeover battle and governance concerns still unresolved.
The Delhi High Court has disposed of a petition filed by Religare against the Securities and Exchange Board of India (SEBI) for inaction.
The Delhi High Court has disposed of a petition filed by Religare Enterprises Ltd (REL) against the Securities and Exchange Board of India (SEBI) for allegedly inaction in the matter of the company’s financial irregularities.
Religare Enterprises Ltd had filed a petition in the Delhi High Court in 2018, seeking directions to SEBI to take immediate action against the company’s founders, including Malvinder Mohan, to stop the alleged siphoning off of funds and to take control of the company.
The petition came after Religare Enterprises Ltd accused its founders, including Malvinder Mohan, of siphoning off funds, misusing company assets, and engaging in illegal activities. The company had also accused them of making false promises to investors and causing wrongful loss to the company.
However, the court has disposed of the petition after SEBI on April 14, 2022, seized and takes over the management of Religare Enterprises Ltd in the wake of the alleged financial irregularities. The court noted that since SEBI has taken proactive steps and seized the management of the company, it is appropriate to dispose of the petition.
The court also noted that SEBI’s takeover of management is a more effective and efficient way to investigate the allegations and take necessary actions, rather than the court’s intervention. The court ordered that the matter be disposed of and as such, there is no need to maintain the petition further.
It is worth noting that the SEBI had taken various measures, including issuing show-cause notices to the company’s top officials, freezing the bank accounts, and taking control of the company’s assets, to investigate the financial irregularities. The developments have come as a huge blow to the promoters of Religare Enterprises Ltd, who had been accused of diverting funds and engaging in other irregularities.
The case highlights the importance of regulatory bodies, such as SEBI, in protecting the interests of investors and ensuring that companies are run in a transparent and ethical manner. It also underscores the need for companies to maintain transparency and accountability in their operations, and to not engage in any activities that can harm the interests of investors and stakeholders.
Dabur’s corporate leadership gains full control of Religare’s operations.
The Dabur group, led by the Burmans, has finally taken control of Religare Enterprises after an 18-month struggle. With a current ownership stake of 25.2%, the Burmans have secured a significant threshold that enables them to implement special resolutions. However, to increase their stake to over 26%, they require approval from the Reserve Bank of India (RBI).
Although the Burmans have taken control, they have not yet nominated their representatives to Religare’s board. Previously, four proposed directors, including Arjun Lamba, Abhay Agarwal, Ramanathan Gurumurthy, and Suresh Mahalingam, did not receive approval from the RBI. Lamba, a close associate of Dabur chairman Mohit Burman, is also a director of Eveready Industries.
In a statement, a Burman Group spokesperson expressed their satisfaction at acquiring control of Religare and being designated as its promoters. They emphasized their priority of instilling stability, strengthening governance, and driving sustainable growth at Religare. To achieve this, they will need to submit new director nominations or resubmit previously recommended names for approval from the RBI, ensuring they meet the regulator’s criteria for joining Religare’s board.
The acquisition is significant, as it strengthens the Burmans’ position in the financial services sector. With this move, they are likely to play a more prominent role in shaping the company’s strategy and operations. However, the process is not yet complete, as the Burmans still require RBI approval to increase their stake and appoint their representatives to the board. Once this is achieved, they will have a stronger foothold in Religare and can focus on implementing their goals for the company.
The Religare board of directors has approved the appointment of four new members to the company’s leadership team.
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.
The Religare board of commissions is seeking funding from the Burman group for a governance review.
Religare Enterprises, a private sector financial services company, has hired Deloitte Touche Tohmatsu Limited (DTTL) to undertake a comprehensive governance review of its board, including its structure, composition, and functioning. The review aims to strengthen the company’s corporate governance practices and ensure compliance with regulatory requirements.
As part of the review, the Deloitte team will assess Religare’s board oversight, risk management, and compliance functions, as well as its relationship with promoters and stakeholders. The review will also focus on identifying areas of improvement and making recommendations for enhancing the company’s governance framework.
It’s worth noting that the government has been pressing Indian companies to improve their governance standards, and Religare is no exception. The corporate governance review is seen as a strategic move by Religare to demonstrate its commitment to good governance practices and to avoid any potential pitfalls.
Meanwhile, Religare has also sought funding from its promoters, the Burmans, to support the company’s growth and business plans. The Burmans, who own 54.02% stake in Religare, have committed to invest an additional INR 500 crore (approximately USD 70 million) in the company, subject to certain conditions. This investment will help Religare scale up its business, fortify its balance sheet, and enhance its financial flexibility.
The funding from the Burmans is seen as a significant development, as it demonstrates the promoters’ confidence in the company’s future prospects and their commitment to supporting its growth. The injection of fresh capital will also provide Religare with the necessary resources to upgrade its technology, enhance its risk management practices, and invest in new business opportunities.
The dual purpose of the corporate governance review and the funding from the Burmans is to position Religare for long-term growth and success, while also avoiding any potential regulatory or reputational risks. By strengthening its governance practices and securing additional funding, Religare can focus on its core business objectives and create long-term value for its shareholders.
Religare Enterprises ventures forth in pursuit of financial support from the esteemed Burman family.
Religare, a financial services company, has submitted an exchange filing stating that it aims to review its past operating practices, suggest improvements, and identify potential cases of misconduct by current or former employees. This move comes as the company faces a cash-flow gap and has approached the Burmans, its major shareholder, for immediate funding support to sustain its operations.
The cash-flow gap is expected to affect the company’s operations over the next few months, and Religare has requested the Burmans to provide funding support to bridge this gap. However, the company has not disclosed the extent of the funding required.
It’s worth noting that this is not the first time Religare has faced financial challenges. Under the leadership of former chairperson Rashmi Saluja, the company had opposed the Burmans from increasing their stake in the company. Saluja was later removed as chairperson in February, as her reappointment was not approved.
The current situation highlights the company’s ongoing struggles, which may be linked to the previous leadership’s decisions. The review of past operating practices is aimed at identifying any potential instances of misconduct by current or former employees, which could have contributed to the company’s current situation. The company’s board will need to investigate and address these issues to restore investor confidence and stabilize its operations. The immediate need for funding support from the Burmans underscores the urgency of the situation, and it remains to be seen how the company will navigate this challenging period.
Religare Enterprises Announces Virtual Shareholders’ Meeting to Address Important Matters
Religare Enterprises, a leading financial services company, has scheduled a virtual extraordinary general meeting (EGM) to address outstanding issues and matters related to the company. The meeting is set to take place on [Date and Time] and will be conducted through a digital platform, allowing shareholders and other stakeholders to participate remotely.
The decision to hold a virtual EGM is a result of the current health and economic situation, which has affected the ability of shareholders to physically attend meetings. By going virtual, Religare Enterprises aims to ensure the safety and convenience of its stakeholders while still providing an opportunity for discussion and decision-making.
The company’s board of directors will present key information and answer questions from shareholders relating to the extraordinary general meeting. The agenda will include discussions on significant business matters, including financial results, corporate developments, and strategic initiatives. Shareholders will also have the opportunity to raise queries and engage with the company’s management team.
Religare Enterprises has been facing some challenges in recent years, including regulatory issues and financial difficulties. The company has been working to address these issues, and the virtual EGM is seen as an opportunity for the company to demonstrate its commitment to transparency and stakeholder engagement. By providing a platform for shareholders to participate remotely, Religare Enterprises can keep them informed and up-to-date on its progress and strategy.
The use of a digital platform for the EGM also reflects the company’s commitment to innovation and digital transformation. In a post-pandemic world, the rise of remote working and virtual events has become the new norm, and Religare Enterprises is at the forefront of this change.
Overall, the virtual EGM is an innovative move by Religare Enterprises to engage with its stakeholders and demonstrate its adaptability to the changing business landscape. The company is taking a proactive approach to address the challenges it faces and is committed to providing a smooth and successful transition. By presenting its financial results and strategy to shareholders, Religare Enterprises is signaling its commitment to transparency and accountability, paving the way for a stronger and more resilient future.
The Religare Board has officially approved the appointment of four new directors.
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.
The Religare Board authorizes a comprehensive governance review.
Religare Enterprises Ltd (REL) has hired Grant Thornton and Trilegal to conduct a governance review and identify potential instances of misconduct by current and former employees, including ex-CEO Rashmi Saluja. This review is aimed at examining the company’s financial practices over the past few years, suggesting improvements to systems and controls, and identifying any potential instances of misconduct. The review is expected to be completed within the next two months.
The board has also applied to the Burman family, the new promoter group, for a short-term loan of Rs 30-40 crore to address a cash flow gap. This loan would be used to meet the company’s immediate needs. The board has asked the Burman family to consider providing the loan due to the tight timeline required.
The governance review is likely to be a thorough investigation into the company’s financial practices. The appointment of Grant Thornton, a firm often used for forensic audits, suggests that the review may uncover some irregularities. The board’s decision to undertake this review is seen as an attempt to bring transparency and accountability to the company’s operations.
The development comes after the Burman Group took over the company in February, ending an 18-month battle with the former management. The new board has also appointed four new non-executive and non-independent directors to the company. The review is expected to provide a clean slate for the new management to operate effectively and make decisions.