The Enforcement Directorate (ED) has summoned three independent directors of Care Health Insurance, a subsidiary of Religare Enterprises, in a money laundering investigation. The case is based on a complaint involving the Burman family and former Religare promoters. The ED is examining employee stock options and board approvals issued since FY19. Care Health’s chairperson Rashmi Saluja is currently in a takeover battle with the Burman family for Religare Enterprises. The investigation, initiated by the Mumbai police’s Economic Offences Wing, aims to verify the allegations of financial misconduct.

Money laundering case: ED summons three independent directors of Care Health Insurance

Saluja is the executive chairperson of Religare Enterprises and non-executive chairperson of CHIL.

IRDAI Orders Care Health To Repurchase ESOPs Granted To Chairperson Rashmi Saluja

IRDAI emphasised that Salujas dual role as executive chairperson of Religare Enterprises does not exempt her from regulatory compliance. The issuance of stock options to her breached the IRDA Act of 1999 and related guidelines, the regulator stated.

IRDAI orders Care Health Insurance to revoke Rashmi Saluja’s Stock Options

India’s insurance regulator, IRDAI, has issued a show cause notice to Care Health Insurance, a subsidiary of Religare Enterprises, regarding the grant of stock options to Rashmi Saluja, who serves as the chairperson of Religare. The notice alleges that Care Health Insurance violated IRDAI directions by issuing stock options to Saluja despite prior refusal in May 2022. Saluja, an executive chairperson at Religare, was granted these options as an employee, though she is a non-executive director at Care.

IRDAI puts Care Health Insurance on notice over ESOPs to Saluja

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 21, 2024. My name is Nelson John. Let's get started:

#USB #Charger #podcast #mint #mintpodcast 

Indian benchmark indices, Nifty and Sensex, opened at record levels and touched new highs during the session before ending the day marginally higher, with Sensex up 0.18 percent and Nifty up 0.22 percent.


From next June, every new smartphone and tablet sold in India will need to have a USB-C charging port so that consumers can charge all their devices with just one type of charger. The rule, which will include laptops by 2026, is part of India’s efforts to align itself with global standards set by the European Union to enhance convenience and reduce waste.


The new rule doesn’t apply to feature phones and wearables for now, but it's a big step in the right direction. The Indian government said it plans to enforce the new standard vigorously. Companies that fail to comply will face penalties under the Consumer Protection Act, Mint’s Dhirendra Kumar and Gulveen Aulakh report. There's also a push for makers of basic phones and other devices to voluntarily adopt USB-C ports, which would further unify charging standards. Leading smartphone makers such as Xiaomi and Oppo have already voiced their support.


Sebi has issued a stern directive to Religare Enterprises Ltd, ordering it to comply with securities law. The development unfolded as the Burman family, promoters of Dabur, made moves to increase their stake in Religare through an open offer.


Sebi instructed Religare’s chairperson Rashmi Saluja and the board to seek necessary approvals from the Reserve Bank of India within a week. The action highlights Sebi’s concerns about Religare's attempts to obstruct the open offer by the Burmans, who are significant stakeholders in Religare through various family-owned entities. Sebi intervened despite resistance from Religare – which expressed doubt about the Burmans' ability to improve the company’s management – highlighting the importance of adhering to the proper procedures in an acquisition. Mint’s Ranjani Raghavan and Neha Joshi report.


Apple and Google are diving deep into generative AI, and making smartphones more capable in the process. Apple recently announced ‘Apple Intelligence’, a set of tools that will allow iPhones, iPads and Macs to perform tasks such as transcribing calls, crafting emails, and generating images and emoticons. Google rolled out similar capabilities last September, and Samsung also offers similar AI features on its top-tier devices. However, not all AI tasks are processed on the device itself. Apple's Siri will soon be able to handle simple queries on-device but could tap OpenAI’s ChatGPT for more complex requests. Google’s Pixel phones and Samsung’s devices need internet connections to access hefty AI models stored in the cloud.


For now, these cutting-edge AI features are limited to premium models. Apple’s AI suite is exclusive to its 15 Pro and Pro Max iPhones, while Google and Samsung have integrated AI into their latest devices, with potential expansions on the horizon. What’s next for smartphones as tech giants throw their hats in the AI ring? Mint’s tech correspondent Souvik Das has the answers in today’s Primer.


Omnichannel furniture retailer Pepperfry ventured into the furniture rental market in 2017, tapping the ‘sharing economy’ vibe that appealed to India's young urbanites. At the time, the company estimated that the market could one day be worth $1 billion a year. Despite a promising start, Pepperfry ended its rental services in 2019, saying the market was too niche.


There are still 157 companies worldwide that employ the rental model, including Indian firms such as Rentomojo and Furlenco. But most are still small, thanks to a complex market with overestimated potential. For instance mattress company Wakefit, which started in 2016, later ventured into furniture and saw revenue rise to 813 crore rupees by 2023. Rentomojo made 121 crore that year. These companies face plenty of challenges, from complex logistics to quality issues, and many renters have endured poor service and delayed pickups. Some companies are adapting by diversifying into appliances and electronics, while others are focusing on logistics to improve their services. Mint’s startup correspondent Priyamvada C takes dives deep into the workings of furniture rental startups in today’s Long Story.


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One Charger to Rule Them All: India's USB-C Mandate for Unified Charging Standards | Mint Podcast

Co will have to apply for requisite approvals from RBI, Irdai, Sebi before July 12; Notices slapped on board for alleged breach of responsibilities

Sebi orders Religare Enterprises to process Burman family’s open offer

The Burman group acquired an additional 5.7% stake in REL in September last year triggering the open offer requirement as their stake surpassed the 26% threshold

Sebi orders Religare Enterprises to apply for open offer before July 12

This is the fourth best listing on Indian bourses ever, after Sigachi Industries (listed in November 2021), Paras Defense and Space Technologies (October 2021) and Religare Enterprises.

Vibhor Steel Tubes Shares Surge 195% Over IPO Price In Best Debut Of 2024

Here are the stocks to watch before going into trade today.

Stocks To Watch: Axis Bank, Pidilite Industries, Religare Enterprises, AU Small Finance Bank, Lupin, Airtel

The Burman family, owners of Dabur India Ltd., had demanded a probe into the allotment of shares of Religare Finvest to Rashmi Saluja, the Chairperson of Religare Enterprises Limited, through employee stock ownership (ESOP).

Religare board counters Burmans charge over ESOPs, calls it misleading

According to CCI, the Burmans did not inform it about their initial acquisition of the Religare shares but have now sought approval for their proposed purchase of 5% stake through secondary market transactions.

CCI seeks details from Religare Enterprises on Burmans’ role, merger plans: Report

Price return has been average, nothing exciting

Performance

Seems to be overvalued vs the market average

Valuation

Lagging behind the market in financials growth

Growth

Showing good signs of profitability & efficiency

Profitability

Fundamentals

Not a good time to consider, stock is in the overbought zone

Technicals

Entry point

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

Religare Enterprises Limited is a financial services company engaged in the business of broking in securities and commodities, lending and investments, financial advisory services, portfolio management services, asset management and insurance etc.