The Enforcement Directorate (ED) has issued a summons to Senior Advocate Pratap Venugopal in connection with legal advice sought regarding the issuance of Employee Stock Ownership Plans (ESOPs) to Dr. Rashmi Saluja, former chairperson of Religare Enterprises.
The advice in question was reportedly obtained from Senior Advocate Arvind P. Datar by Venugopal in his capacity as Advocate-on-Record and Partner at K J John and Co. Venugopal has since clarified that the legal opinion was sought by him during his tenure at the firm, prior to his designation as a Senior Advocate on 19 January 2025. He officially resigned from the partnership with effect from 31 January 2025, in compliance with the Senior Advocates Designation Rules.
Sources close to the development stated that Venugopal did not charge any fee for the opinion provided to Care Health Insurance Limited (CHIL).
The ED summons requires Venugopal to produce records related to his communications with CHIL and Religare Enterprises Limited (REL) concerning the legal opinion on the ESOP grant to Dr. Saluja, which followed its rejection by the Insurance Regulatory and Development Authority of India (IRDAI). He has also been asked to furnish details of any payments made by CHIL, REL, or associated entities in relation to the legal services provided.
Venugopal has been directed to appear before the ED’s Assistant Director in Mumbai on June 27.
Previously, a similar summons was issued to Senior Advocate Arvind Datar over the same matter. However, it was later withdrawn following widespread backlash from legal circles.
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