The Reserve Bank of India (RBI) has rejected Religare Enterprises Ltd.’s proposal to appoint retired IPS officer Rakesh Asthana 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 in November 2023 and was set to transition to a whole-time Director role, pending necessary approvals. However, the RBI’s disapproval raises concerns, especially as a shareholder has questioned the legality of the appointment following the expiration of the three-month approval window.
