RBI rejects Religare Enterprises’ proposal to appoint Rakesh Asthana to board

The Reserve Bank of India (RBI) has rejected Religare Enterprises’ (REL) application to appoint retired IPS officer Rakesh Asthana (Retd IPS:1984:GJ) to its board. Asthana, who previously served as Delhi Police Commissioner, CBI Special Director, and ad-hoc Director General of the Narcotics Control Bureau (NCB), was appointed by the REL board in November 2023 as an Additional Director. He was designated to become a whole-time Director, subject to approval from shareholders and regulatory authorities.

However, the RBI did not approve his appointment. Additionally, one of the company’s shareholders deemed Asthana’s appointment illegal after the expiry of the three-month period within which the necessary approvals were required.