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Mint Explainer: Why did Sebi issue notice to Rashmi Saluja, Religare board?

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Mint Explainer: Why did Sebi issue notice to Rashmi Saluja, Religare board?

The Securities and Exchange Board of India (SEBI) has expressed dissatisfaction with Religare Enterprises' board and chairperson Rashmi Saluja for failing to comply with securities laws. This comes after the Burman family launched an open offer to acquire additional shares in the company. SEBI has stressed the need for a prompt conclusion to the open offer process and has requested written assurance from the board that they will submit applications for necessary approvals. The Burman family, which already owns a significant stake in Religare, intends to acquire more shares, triggering the open offer. SEBI's role is advisory, and it has urged REL to submit applications to regulators independently.

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