Religare appoints new directors, addresses subsidiary's financial strain

Religare Enterprises (RELIGARE.BO) announced key board changes and strategic decisions regarding its subsidiary, MIC Insurance Web Aggregator Private Limited ("MIC"). Effective upon RBI approval, Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam will join the board as Non-Executive and Non-Independent Directors. In response to sub-optimal performance and a continued decline in net worth at MIC, Religare will impair its entire initial investment in MIC and write off outstanding loans of approximately Rs. 1.41 crore extended to MIC. The company will also suspend MIC's operations pending a re-evaluation of its business model. The board believes these actions are essential to optimize its portfolio and ensure future financial stability.