Religare to Surrender License of MIC Insurance Web Aggregator

Religare Enterprises Ltd's board approved the surrender of the license and closure of business operations of its wholly-owned subsidiary, MIC Insurance Web Aggregator Private Limited. This decision follows a re-evaluation of MIC's business model. MIC has nil contribution to the company's turnover and negligible contribution to its net worth. The company states that the closure will not have a material impact on its financials and that MIC has no liabilities to customers or other entities. The surrender of the license will not impact customers.