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Investors file petition against Religare Enterprises

Two investors have filed a petition before a Delhi court to restrain Religare Enterprises Ltd. from disposing of any party rights on its shares in Religare Health Insurance Co. Ltd.

Metaffinity Pvt Ltd. and Sarvapriya Healthcare Solutions Pvt Ltd. filed a petition with the High Court of Delhi, seeking arbitration for Religare Enterprises to be restrained from directly or indirectly disposing of, transferring or creating any party rights on its shares in Religare Health Insurance. Metaffinity and Sarvapriya Healthcare, which are part of a consortium of investors that Religare Enterprises entered into a share purchase agreement with to divest its stake in Religare Health Insurance, also sought to prevent the parent company from taking any action that would violate the agreement.

The Delhi court has extended the long stop date under the share purchase agreement to April 4 from March 31.

Religare Enterprises is divesting 80% of its stake in Religare Health Insurance to a consortium led by True North Managers LLP.