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ED issues summons to Care Health counsel over Rashmi Saluja Esops 'advice'
Economic Times
·
1m ago
Medial
The Enforcement Directorate has summoned Arvind Datar, a senior counsel, regarding his legal advice to Care Health Insurance on ESOPs issued to Rashmi Saluja, former Religare Enterprises chairperson. The advice was scrutinized after the Insurance Regulatory and Development Authority rejected the ESOP plan. Care Health had allocated Saluja 22,700,000 ESOPs, which Irdai found violative of its rules, mandating a buyback. Datar argued client-lawyer privilege prevents him from disclosing legal advice.
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Kedaara Capital votes against Saluja’s reappointment as resolution passes with majority | Mint
Livemint
·
9m ago
Medial
- Kedaara Capital voted against the reappointment of Rashmi Saluja as a director on the board of Care Health Insurance. - Kedaara Capital cited "commercial reasons" for their decision. - Religare Enterprises, the majority stakeholder in Care Health Insurance, voted in favor of Saluja's appointment. - The Burman family sent a letter to the Care board calling for the removal of Saluja as a director due to ongoing investigations by the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi). - The investigations led to an FIR against Saluja for alleged cheating and criminal conspiracy. - Additional independent director on Care Health's board, Pratap Venugopal, stated that an investigation by ED or Sebi does not automatically disqualify a director from being reappointed. - Care Health Insurance maintains that there is no legal cause to remove Saluja based on the investigations against her. - The parent company, Religare, had previously moved to postpone its own AGM to December, causing dissatisfaction among shareholders. - Care Health Insurance is expected to go public and is valued at least ₹10,000 crore. - The company's board and the insurance regulator are in disagreement over granting Esops to Saluja, which has resulted in fines and an ongoing case in the Securities Appellate Tribunal (SAT).
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Burmans warn Care board of legal action over Saluja Esops
Livemint
·
1y ago
Medial
The Burman family, owners of FMCG major Dabur Ltd, has threatened legal action against the board of Care Health Insurance if it doesn't prevent its chairperson, Rashmi Saluja, from cashing out her employee stock options (Esops). The Burmans argue that Saluja has been exercising the options, which were granted unlawfully, and stands to benefit from them. They have asked the Care Health board to freeze the transfer of any shares resulting from the options and to issue a public notice not to trade in Saluja's shares. Care Health has denied the allegations, stating that the options complied with all legal requirements.
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Supreme Court Advocates Association takes issue with ED summons to counsel Arvind Datar over Care Health Insurance advice
Economic Times
·
1m ago
Medial
The Supreme Court Advocates-on-Record Association criticized the Enforcement Directorate's summons to senior counsel Arvind Datar, who advised Care Health Insurance. The association condemned the action as an overreach that threatens the legal profession's independence. While the Prevention of Money Laundering Act allows summoning individuals for clarification, SCAORA emphasized that calling a lawyer for providing legal advice undermines the rule of law. The ED later communicated that Datar’s presence wasn't required unless notified further.
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Care Health throws a challenge to insurance regulator on Saluja’s hefty Esops
Livemint
·
1y ago
Medial
Indian insurance company Care Health Insurance Ltd is arguing against the country's insurance regulator's powers over stock options granted to anyone in the sector. The controversy over the company's award of hefty stock options to its chairperson Rashmi Saluja has raised concerns and may further delay the Burman family's bid to take over the company's parent entity, Religare Enterprises Ltd. The Burman family, which owns over 25% of Religare, alleges that Saluja has drawn excessive remuneration by granting herself stock options from both Care Health and Religare.
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Burmans seek Saluja’s removal from Care Health board
Livemint
·
9m ago
Medial
The Burman family, the largest shareholder in Religare Enterprises Ltd, has requested the removal of Rashmi Saluja, chairperson of subsidiary Care Health Insurance Ltd, from the board. The family cited a recent investigation by the Enforcement Directorate against Saluja as the basis for their request. The Burmans argue that Saluja's involvement in the investigation makes her unfit for the position of director. The Care Health Insurance annual shareholders' meeting is scheduled for Monday, where Saluja's reappointment as a director will be discussed. Despite owning more than 25% stake in Religare, the Burmans are not represented on the board.
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Burman Family demands SEBI investigation in allotment of ESOPs shares to Saluja
Livemint
·
1y ago
Medial
The Burman Family has demanded an investigation by SEBI into the allotment of 8% Employee Stock Ownership Plan (ESOPs) shares to Religare Finvest Limited (RFL) Chairman Rashmi Saluja. They question the compliance with SEBI Takeover Regulations and the lack of approval and disclosure to Religare Enterprises Limited (REL) shareholders. The Burman Family spokesperson highlights potential conflicts of interest and the erosion of trust in the REL board.
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'You can't undervalue your own company': Religare's Rashmi Saluja questions ED & SEBI on ‘baseless allegations’
Money Control
·
9m ago
Medial
Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises, remains composed despite being embroiled in a takeover battle and facing allegations from the Securities and Exchange Board of India (SEBI) and the Enforcement Directorate (ED). The Burman Group, which holds a stake in the company, proposed an undervalued open offer to buy shares. Saluja insists that the allegations against her are baseless and retaliates by questioning SEBI's handling of the matter. She also defends herself against accusations of insider trading and delays in conducting the Annual General Meeting. Saluja believes she is being targeted and expresses confidence that the truth will prevail. Other investors seem to support her, considering the growth of the company's shares.
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Proxy advisors call for Rashmi Saluja's ouster from Religare; co backs her
Livemint
·
6m ago
Medial
Proxy advisory firms InGovern and Institutional Investor Advisory Services (IIAS) have recommended that Religare Enterprises investors vote against re-appointing chairperson Rashmi Saluja to the company's board. They cite ongoing disputes and litigation involving Saluja, concerns over her compensation, and the issuance of stock options to her despite regulatory denial. Shareholders will vote on Saluja's future at the annual general meeting on December 31, 2024. Religare has defended Saluja and stated that the attempts to question her motives come after the company's significant success and are tied to pending legal cases involving the Burman family.
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Thumbs down from investors, no relief by court: Can Saluja hang on to Religare? | Company Business News
Livemint
·
5m ago
Medial
Rashmi Saluja, chairperson of Religare Enterprises, faces significant opposition in her bid to retain her board position amid a conflict-ridden takeover attempt. Approximately 31.85% of shareholders, including the influential Burman family, have voted against her reappointment as director. The Delhi High Court refused Saluja any relief to delay the annual general meeting. To secure her role, Saluja needs substantial support from small shareholders, a scenario unlikely given previous AGM voting patterns.
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Religare’s new chapter: Saluja out, new interim chairperson takes charge | Company Business News
Livemint
·
5m ago
Medial
Religare Enterprises Ltd. has appointed Praveen Kumar Tripathi as interim chairman, replacing Rashmi Saluja following regulatory directives. Saluja was ousted after failing to secure a mandate at the company's AGM. Meanwhile, US-based businessman Digvijay ‘Danny’ Gaekwad did not fulfill a court-directed payment, ensuring the Burman family's open offer for Religare remains valid. The board's independent directors, including Tripathi, will rotate the chairmanship while an executive committee oversees daily operations until a permanent executive director is found.
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