Religare Enterprises Ltd (REL) announced on Monday that its board has urgently requested immediate funding support from its new promoter, the Burman Group, to sustain operations amid a looming cash flow shortfall.

The decision, detailed in a regulatory filing, follows a board review identifying a funding gap over the next few months, prompting a unanimous call for a short-term Inter Corporate Loan (ICL) from the Burman family or its associates due to the pressing timeline.

The move coincides with the board’s initiation of a governance review of REL and its subsidiaries—Religare Finvest Limited (RFL) and Religare Housing Development Finance Corporation Limited (RHDFCL). Engaging law firm Trilegal and Grant Thornton Bharat LLP, the review aims to scrutinize past practices, enhance systems and controls, and probe potential misconduct by current or former employees. While the exact funding amount remains undisclosed, the ICL is pitched as the most viable interim solution.

The Burman Group, which assumed control of REL in February 2025 after a 17-month takeover battle, holds a 25.16% stake through entities like Finmart Pvt Ltd and Puran Associates Pvt Ltd.

Last month, REL approved four new Burman-nominated directors—Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam—cementing their influence. The family, behind Dabur India, has pledged to stabilize REL, a promise now tested by this funding plea. As REL navigates this financial crunch, the Burman Group’s response could shape the company’s trajectory in India’s competitive financial services landscape.