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Religare Finvest files insolvency petition against former shareholders

India-based Religare Finvest Ltd. filed an insolvency petition with the country's National Company Law Tribunal, accusing former shareholders Malvinder Singh and Shivinder Singh of diverting funds, The Economic Times reported Feb. 22.

The company claimed 22.57 billion rupees from the Singhs, alleging they used a cluster of 19 companies to siphon off loans. The petition will be heard by the NCLT in early March, according to two people with direct knowledge of the matter.

The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.

As of Feb. 22, US$1 was equivalent to 71.09 Indian rupees.