Malvinder Singh quits Religare, Co appoints former Home Secretary Lakshminarayanan as chairman

New Delhi: Financial Services firm Religare Enterprises appointed former Home Secretary S Lakshminarayanan as executive chairman as part of major overhaul of its board.

Following the board's decision, promoter Malvinder Mohan Singh will relinquish his position as non-executive chairman and also resigned as Chief Executive Officer (CEO) of the company, Religare Enterprises said in a statement.

Lakshminarayanan is currently non-executive chairman of Shriram Transport Finance.

Besides, the board has also roped in former Deputy Governor of Reserve Bank of India Kishori Udeshi.

The statement further said the board has expressed its intent to raise primary capital in Religare Enterprises and its key subsidiaries.

It company will review various strategic options including partnerships with complementary businesses.

As part of board restructuring, it said, Rashi Dhir has resigned from the board as an independent director while Mohit Maheshwari has stepped down from the position of the Company Secretary and Compliance Officer

The company appointed Krishnan Subramanian as Chief Finance Officer (CFO) in place of Anil Saxena who resigned.

"Under the leadership of Lakshminarayanan, and with the induction of Udeshi, both of whom are immensely respected for their integrity and professionalism, we are certain that the company will unlock its true potential and create significant value for all its stakeholders," it said.

Malvinder Mohan Singh continues to be the member of the board. Last year, Singh along with his brother Shivinder Mohan Singh returned to the executive role due to sliding business performance.

"Since then we have been engaging closely with the members of the Board and the Management to understand and address the issues and took a series of corrective measures to stabilize the company. We now feel the time has once again come for us to hand over the reins to a new committed professional team to drive Religare's future growth," the brothers said in a statement.