Burman Family has refuted the allegations of fraud and breaches made by Independent Directors of , a report said.

The Burman Family has responded saying that the allegations by Religare Directors were baseless and devoid of any merit, CNBC-TV18 reported. In a statement to the news channel, Burman family said that the reference to their activities being fraudulent and illegal was baseless and defamatory. The Burman family told the news channel that they had purchased all shares in Religare Enterprises transparently and there was no market manipulation. The independent directors of Religare Enterprises had reportedly leveled allegations of fraud and other breaches against the Burmans. The directors had written to regulators such as , Sebi and the watchdog IRDAI setting up the stage for a long-drawn takeover battle, Economic Times had reported. The Burman family, the largest stakeholder of Religare Enterprises, had made an open offer to the shareholders of Religare Enterprises in September with the aim of taking control of the financial services company. The family, which controls packaged goods company Ltd, had offered to acquire an additional 5.27% stake in the financial services company for 407 crore, leading to a mandatory open offer to buy an extra 26% stake from the public. Religare Enterprises Livemint tops charts as the fastest growing news website in the world to know more.