Religare Enterprises Limited, a leading financial services firm, has formally announced the resignation of Mr. Shalabh Garg, Senior Vice President – Information Technology (SVP-IT). His resignation is effective from the close of business hours on March 31, 2025. The disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reason for Resignation

Mr. Garg has tendered his resignation citing personal reasons. His official resignation email, dated December 28, 2024, addressed to company executives, expressed his gratitude for the opportunities he had at Religare Enterprises. He has also extended his willingness to assist in recruiting and training his successor, ensuring a seamless transition of responsibilities.

Corporate Acknowledgment

Religare Enterprises Limited has acknowledged his resignation and officially disclosed the change in management to both National Stock Exchange (NSE) and BSE Limited. The disclosure aligns with the SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123, which mandates companies to report senior managerial changes.

Impact on the Organization

The company has not yet announced a replacement for the Chief Information Officer (CIO) and SVP-IT position. However, Religare Enterprises is expected to initiate a search for a qualified professional to take over the responsibilities.

Despite the resignation of a key IT leader, there is no indication of any material impact on the company’s operations or financial standing. The transition is expected to be smooth, with Mr. Garg's assistance in handing over critical responsibilities.

Disclosure as per SEBI Guidelines

According to the SEBI Listing Regulations, the following details have been disclosed:

Company’s Future Plans

With this change, Religare Enterprises will likely focus on a structured transition plan for the IT leadership role. The company remains committed to maintaining its digital infrastructure and technology strategy without disruption.

Conclusion

The resignation of Shalabh Garg as SVP-IT marks a leadership shift within Religare Enterprises Limited. The company has promptly disclosed the change in line with SEBI’s regulatory requirements. While Mr. Garg’s contributions to the company are acknowledged, the firm remains focused on ensuring continuity in its technology operations. Investors and stakeholders are advised to stay tuned for further announcements regarding the successor for this key leadership role.

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