Investors in Dabur India appear displeased with the company after authorities named the heads of the ayurvedic and natural healthcare major in an FIR related to the Mahadev betting app scam. The Burman family, leaders of the Dabur Group, have firmly denied any connection to an illegal cricket-betting app, as claimed in a recent Mumbai police complaint. They suspect this accusation aims to thwart their bid to acquire Religare Enterprises, a financial services firm.

What Happened? A family spokesperson clarified to the media that they haven’t officially received any first information report (FIR). They dismissed the circulated FIR as utterly false and baseless, emphasizing their lack of involvement in the alleged activities.

The Mumbai police’s FIR, dated November 7, accuses 32 individuals, including the promoter of the Mahadev app, of fraud and gambling. It names Mohit Burman, the group’s chairman, and Gaurav Burman, a director, among others.

The spokesperson highlighted that the FIR, as reported in the media, wrongly suggests Mohit and Gaurav have connections with the accused, which they categorically deny.

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The Dabur-Religare showdown: The FIR against the Burman Family emerges as they seek to boost their 21.24% stake in Religare Enterprises with a SEBI-regulated open offer, amidst governance disputes with Chairman Rashmi Saluja.

Amidst this conflict, the Burmans proposing an additional ₹2,200 crore investment, face scrutiny from Religare’s directors over regulatory compliance, which they claim to meet. They also challenge Saluja’s increased ₹150 crore remuneration and allege insider trading, which Saluja denies.

Price Action: Dabur India shares were trading 1.24% lower at ₹523.55 on Wednesday morning shortly after market open.

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