RBI denied approval of top cop Asthana’s appointment to the board of directors, Religare reveals

Religare Enterprises Ltd (REL), which has found itself in the eye of the battle for corporate control, on Thursday announced that the Reserve Bank of India (RBI) had denied approval for the appointment of Rakesh Asthana as director in May this year on the company’s board of directors.

Asthana, Group Head-Corporate Affairs & Business Advisor, was appointed as Additional Director (to be designated as Whole-Time Director) on the Board of Directors of the company in November 2023.

It was then indicated that his appointment would take effect upon receipt of RBI’s approval and was also subject to shareholder approval.

Asthana, a 1984-batch Indian Police Service (IPS) officer, had quit as Delhi Police Commissioner on July 31, 2022. He had held several high-profile and coveted positions during his career, including senior positions at the Central Bureau of Investigation (CBI).

In a regulatory filing with the stock exchanges on Thursday, REL emphasized that no reason had been given by the RBI for rejecting the company’s application to appoint Asthana as director of the Board of Directors.

REL said it missed disclosing this RBI refusal to the stock exchanges under SEBI LODR “due to supervision”.