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The Essel Group is promoted by media baron Subhash Chandra and owns stake in leading media and entertainment companies which includes - Zee Entertainment Enterprises Ltd, Zee Media Corporation and Dish TV.
The Enforcement Directorate (ED) concluded its searches on Saturday in a money laundering investigation related to the alleged diversion of funds exceeding Rs 2,000 crore from Religare Finvest Limited (RFL). The searches, initiated on Friday, covered nine locations in Delhi-NCR, including the corporate offices of RFL, M3M India Holdings, RHC Holding Pvt Ltd, Hillgrow Infrastructure Pvt Ltd, Dion Global Solutions, and Prius commercial.
Delhi High Court has overturned a decision by the Debt Recovery Appellate Tribunal (DRAT) that required Religare Finvest Ltd (RFL) to deposit 40% (approximately Rs 116.85 crore) of a Rs 306 crore debt due, along with interest, to pursue its petition.
RFL s senior counsel Rajeev Nayar and counsel Saurabh Seth contended before a bench of Justice Amit Mahajan and Justice Dharmesh Sharma that the DRAT has reached an "erroneous" conclusion and said the listed company is not in a position to deposit any further sum beyond 25% (₹76.61 crore) that had already been deposited before the appellate tribunal.