In relation to a Rs 179.5-crore rip-off linked to the Worker Inventory Possession Plan, the Enforcement Directorate has filed a chargesheet in a courtroom in opposition to Rashmi Saluja, a former govt chairperson of Religare Enterprises Ltd.
The ED additionally claimed that she was the “principal architect of the conspiracy”, orchestrated in partnership with the co-accused. Nitin Aggarwal, Nishant Singhal, Pratap Venugopal and Vaibhav Gawli are a number of the different accused named within the chargesheet, filed just lately earlier than a PMLA courtroom in Mumbai.
The ED’s case is predicated on a scheduled offence filed by Mumbai’s Matunga police underneath IPC sections 420 (dishonest) and 120(B) (legal conspiracy).
The ESOP manipulation allegedly by Saluja and others was unearthed by the Mumbai police whereas investigating a distinct FIR filed by Gawlli in opposition to the Burman household (one of many largest REL shareholders) and proprietor of the Dabur group.
In the course of the probe, Gawli admitted that the stated FIR has been filed in opposition to the Burman household on the behest of Saluja, Singhal and Aggarwal.
He submitted that he bought REL shares utilizing funds offered by them and registered the criticism resulting in the stated FIR, falling prey to inducement of Saluja. Gawli’s revelations led to the police case in opposition to Saluja and others.
As per the chargesheet, the accused had supplied Rs 2,00,000 to a person named Gawli to buy REL (Religare) shares and file a criticism in opposition to the Burman household.
The ED has alleged the conspiracy was geared toward obstructing the takeover of REL by the Burman household to make sure the accused continued to get pleasure from sole management and numerous monetary advantages, together with the unlawful ESOPs.
ESOP is a programme that enables workers to turn into partial homeowners of the corporate they work for by buying its shares.
The ED beforehand carried out searches and froze the shares of CHIL, a subsidiary of REL, obtained by Saluja, Aggarwal, and Singhal within the type of ESOPs, terming the good points as ‘proceeds of crime’, the chargesheet said.
The probe company has estimated the proceeds of crime to be round Rs 179.54 crore.
The chargesheet, citing proof and info gathered through the cash laundering investigation, revealed Saluja, the then non-executive chairperson of CHIL and govt chairperson of REL, is the ‘principal architect of the legal conspiracy orchestrated in collusion’ with (co-accused) Aggarwal, Singhal, and Venugopal.
The target was the illegal acquisition of a considerable fairness curiosity in CHIL by way of the illegal grant of ESOPs and the conspiracy was not restricted to private enrichment – relatively it was complicated and multifaceted, the ED alleged.
The central company alleged Saluja misused her place and authority by not solely approving her personal title, alongside Singhal and Aggarwal, for the grant of ESOPs of CHIL in clear defiance of the corporate’s coverage, but in addition by unilaterally figuring out the variety of choices to be granted.
It represents a blatant disregard for company governance and intent for making illegal good points by way of ESOPs, the ED alleged.
(With PTI Inputs)