Religare Enterprises

The story of Religare Enterprises begins not with finance, but with cosmetics. Incorporated in 1984 as Vajreshwari Cosmetics, the company pivoted to financial services in the mid-90s under the leadership of brothers Malvinder Mohan Singh and Shivinder Mohan Singh. They expanded into a diversified financial services group, offering retail broking, wealth management, and loans. The company's ambition culminated in a successful Initial Public Offering in November 2007, raising capital to fuel further growth. However, the firm's trajectory took a dramatic turn. In 2018, allegations of financial mismanagement began to surface, with reports that the Singh brothers had siphoned funds from Religare's subsidiary, Religare Finvest Ltd (RFL). By 2019, the situation escalated, leading to the arrest of the Singh brothers for allegedly causing a loss of over ₹2,300 crore to RFL by distributing loans to companies they controlled, which then defaulted. This triggered a severe crisis, forcing a change in the company's board and management as it fought to regain stability and investor trust. A new chapter began as the Burman family, founders of the Dabur consumer goods company, started acquiring a stake. In September 2023, they announced an open offer to take a controlling stake in Religare. Following regulatory approvals, the Burman family successfully completed the offer in early 2025, gaining a controlling interest and becoming the new promoters, marking a significant shift in ownership and a chance for a new beginning for the embattled enterprise.