Rashmi Saluja, the Executive Chairperson of Religare Enterprises has ceased to be the Director of the company, as per an exchange filing on February 13.
Religare Enterprises cited a report by the Scrutinizer, which said that 97% votes were cast against the resolution seeking the reappointment of Rashmi Saluja on the board of REL, dated February 7, 2025.
The NBFC also cited the RBI regulation to state the need for a prior written permission of the regulator, for any change in the management of the CIC which results in change in more than 30% directors, excluding independent directors.
"Provided that, prior approval shall not be required in case of directors who get re-elected on retirement by rotation," the RBI regulation cited by RBI said.
Religare Enterprises had sought clarification from the Reserve Bank of India, seeking guidance of the applicability of the aforesaid Regulation. The company sought to know if prior permission will be required in this case.
Upon receiving the response, on February 13, 2025, Religare informed that Rashmi Saluja had ceased to be the director of the company, as her re-appointment did not get approval.
Rashmi Saluja had moved court seeking intervention against her removal from the board, after shareholders rejected her appointment last week. Saluja's argument was that her directorship in the company is not liable for retirement currently.
The decision on Saluja's tenure comes at a time when a US-based investor - Danny Gaekwad - had urged capital market regulator Sebi and the Supreme Court to reconsider its proposal for a competing open offer for Religare Enterprises (REL).
Moneycontrol reported on February 13 citing people familiar with the development that Danny Gaekwad has likely missed the deadline set by the Supreme Court to deposit the Rs 600 crore earnest money for a rival bid to the Burmans.
The Burman family, which controls Dabur India, had raised its stake in Religare to nearly 25% in September 2023, thus triggering an open offer to buy more shares. The open offer process began in January, with the Burmans planning to buy around 26% more of Religare at an offer price of Rs 235 per share.
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