| Company | Value | Change | %Change |
|---|
Ninety-seven percent of votes were cast against her reappointment, the company informed.
“…this is to inform you that the Company’s 40th Annual General Meeting (AGM) was held on February 7, 2025. One of the agenda item (Item No. 2) as per the AGM Notice approved by the Board of Directors of the Company was w.r.t. the reappointment of Dr. Rashmi Saluja, the Executive Chairperson of the Company and the only Non-independent Director on the Board of REL.
As per the report of the scrutinizer, the number of votes cast against the resolution was 97…% percent,” Religare Enterprises said in a regulatory filing.Also Read: Battle for Religare: SC tells US investor to deposit ₹600 cr by Feb 12, keeps Burman offer open
As an NBFC, REL is governed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The company had sought clarification from RBI on whether prior approval was required for her exit under the Core Investment Companies (Reserve Bank) Directions, 2016. Upon receiving RBI’s response on February 13, 2025, Saluja ceased to hold her position in the company.It is to be noted that the Burman family—a promoter of Dabur India and other entities such as Eveready Industries — through its entities, in September 2023 announced a ₹2,116-crore open offer to Religare shareholders to acquire up to 26% stake in the company.
Soon after the open offer bid, Burmans complained to capital market regulator Sebi for violation of insider trading rules by the Religare chairperson Rashmi Saluja and appointment of a board of her choice.
Also Read: Religare Enterprises is undervalued, says Digvijay Gaekwad on counterbid
However, it was contested by REL independent directors, who raised red flags alleging fraud and other breaches by Burman family entities and approached regulators, including markets regulator Sebi, the RBI, and the Insurance Regulatory and Development Authority.
Shares of Religare Enterprises Ltd ended at ₹239.00, down by ₹4.90, or 2.09% on the BSE.
(Edited by : Ajay Vaishnav)
