Religare ESOP case: Mumbai court summons Saluja June 11

What the Mumbai PMLA court has ordered

A special court in Mumbai that handles cases under the Prevention of Money Laundering Act (PMLA) has issued summons to Rashmi Saluja, former executive chairperson of Religare Enterprises Ltd (REL), and four others. The summons follows the Enforcement Directorate (ED) submitting a prosecution complaint alleging money laundering linked to Employee Stock Option Plans (ESOPs). The court has asked all accused to be present on June 11. The proceedings relate to alleged irregularities connected to ESOP allotments of Care Health Insurance Ltd (CHIL), a subsidiary of Religare.

People named in the summons and prosecution complaint

Along with Saluja, the court has issued a notice and summons to Nishant Singhal (former President and General Counsel of REL) and Nitin Aggarwal (a former senior finance executive of the group). The ED prosecution complaint also names Pratap Venugopal (former retainer for REL and Independent Director at CHIL) and Vaibhav Gawli (described as an office assistant at Happy Tail Pet cafe). The matter is being heard by the special PMLA court in Mumbai, where the prosecution complaint has been filed.

ED’s allegation: proceeds of crime pegged at INR 179.54 crore

The ED has estimated the alleged proceeds of crime at INR 179.54 crore. In its filings referenced in the reports, the agency has alleged that unlawful gains were made through a conspiracy involving stock options connected to CHIL. The ED has described Saluja as the main conspirator and, in another reference, the “principal architect of the conspiracy” in relation to the ESOP allotments. The agency has also alleged that the accused were involved in activities connected with proceeds of crime, including alleged acquisition, possession, concealment, and projection as untainted.

How the ESOP allegations are linked to Care Health Insurance (CHIL)

According to the details cited from the ED chargesheet and prosecution complaint, the alleged conspiracy relates to the illegal allotment of ESOPs of CHIL. Saluja is described as having held roles at both REL (executive chairperson) and CHIL (non-executive chairperson) during the period referenced. The ED has alleged that Saluja and other former executives unlawfully acquired equity interest in CHIL through ESOPs. The filings also refer to alleged “unlawful gains” through acquiring ESOPs at a low price and through diversion of REL funds to subscribe to CHIL rights issues.

Police case in 2024 and the scheduled offence

The ED case is based on a police complaint registered against the accused for alleged criminal conspiracy and cheating in 2024. The scheduled offence referenced includes IPC sections 420 (cheating) and 120(B) (criminal conspiracy), with the FIR registered by Mumbai Police. Reports cite the Matunga police as the unit where the scheduled offence was registered.

Earlier developments: summons controversy and chargesheet naming

One report notes that on June 20, after protests from lawyers representing several bar associations, the ED withdrew summons issued to senior advocate Pratap Venugopal in connection with the probe. The same report adds that four months later the agency named Venugopal as one of the accused in its chargesheet filed before the special court in Mumbai. The ED filings cited in the reports place Venugopal’s alleged role in the context of the ESOP allotment of CHIL, where he was an independent director.

Religare’s disclosures and the company’s position

Religare Enterprises, in a stock exchange filing dated September 9, said Mumbai Police had registered an FIR against three senior executives of the company on a complaint filed by the ED. The filing stated that the executives denied the allegations and were examining the matter for appropriate action. It also stated there were no allegations against the company in the matter. Separately, the reports mention that Saluja moved the Delhi High Court after the ED attached the ESOPs, and the matter was likely to be heard on September 23.

Key facts table: court action, accused, and amounts

Market impact and why the case matters for listed financial firms

The development is material for investors because it involves senior leadership roles at a listed financial services company and its insurance subsidiary, and it has progressed to court summons under PMLA. The ED’s estimate of INR 179.54 crore as alleged proceeds of crime sets the scale of the case referenced in the prosecution complaint and chargesheet. Separately, REL’s stock exchange filing that it faces no allegations in the FIR is relevant for how the company frames exposure and reputational risk. The matter also highlights how ESOP structures, rights issues, and governance processes can become the subject of enforcement scrutiny when investigative agencies allege misuse or conflict.

What happens next

The accused have been asked to remain present before the Mumbai PMLA court on June 11. The prosecution complaint and chargesheet filings cited in the reports suggest the ED will rely on evidence gathered during the money laundering investigation, alongside the scheduled offence registered by Mumbai Police. Further court hearings, including proceedings around the attached ESOPs referenced in the Delhi High Court, are expected to remain part of the wider legal track already underway.