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NCLT restrains RHC Finance from exercising voting rights in Religare Enterprises

Economic Times  

The National Company Law Tribunal (NCLT) has restrained RHC Finance, a firm controlled by Malvinder Mohan Singh and Shivinder Mohan Singh, from exercising its voting rights in Religare Enterprises. The Delhi-based principal bench of the tribunal has ordered maintaining status quo on RHC Finance's voting rights and listed the matter for further consideration on October 7. Religare Enterprises, under the new management, filed a petition before the NCLT seeking cancellation of 2.5 crore Non-Convertible Redeemable Preference Shares (NCRPS) that were issued to RHC Finance, claiming them to be "void ab initio" and "unlawful".