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News on Medial
Mint Explainer: Why did Sebi issue notice to Rashmi Saluja, Religare board?
Livemint
·
1y ago
Medial
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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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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Sebi directs Religare's board, Saluja to seek approvals for Burman open offer
Livemint
·
1y ago
Medial
Religare Enterprises Ltd's chairperson Rashmi Saluja and the company's board of directors have been reprimanded by India's market regulator, the Securities and Exchange Board of India (Sebi), for failing to comply with securities regulations. The Burman family, who own over a 25% stake in Religare, launched an open offer to acquire additional shares in the financial services conglomerate. Sebi has instructed the Religare board to apply for necessary approvals from the Reserve Bank of India within a week and demanded written assurances of compliance with securities law. Religare has resisted the open offer, alleging that the Burmans are not "fit and proper" to take over the company.
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Kedaara Capital votes against Saluja’s reappointment as resolution passes with majority | Mint
Livemint
·
10m 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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Battle for Religare: Regulator enters the picture
Livemint
·
1y ago
Medial
The Securities and Exchange Board of India (SEBI) has initiated an inquiry into the sale of shares by chairperson Rashmi Saluja before the Burman family announced an open offer for Religare Enterprises Ltd (REL). The Burmans have alleged insider trading and asked for regulatory action. SEBI has requested information from both REL and the Burman entities regarding events leading up to and after the open offer. The investigation focuses on a meeting between Saluja and a representative of the Burman family before the open offer announcement.
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Sebi ropes in Irdai on Rashmi Saluja's Care Health Esops
Livemint
·
1y ago
Medial
The Securities and Exchange Board of India (SEBI) has approached the Insurance Regulatory and Development Authority of India (IRDAI) for their input on the issuance of stock options to Rashmi Saluja, the chairperson of Religare Enterprises Ltd's (REL) insurance unit. SEBI is investigating the matter and the outcome will influence their decision on approving the Burman family's open offer for Religare. Saluja's total compensation, including stock options and salary, is estimated to be around ₹700 crore. The controversy arose when the Burman family criticized Saluja's compensation and called for regulatory intervention.
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SC asks Gaekwad to keep ₹600 cr with Sebi; Burman offer to stay open till decision | Company Business News
Livemint
·
6m ago
Medial
The Supreme Court instructed Digvijay Danny Gaekwad to deposit ₹600 crore with SEBI by 12 February to validate his counter-offer for Religare Enterprises, while keeping the Burman family's offer open. Gaekwad and a Religare shareholder challenged the Burman offer's completion, seeking time for competing offers. Burmans argued Gaekwad's delayed bid was influenced by Rashmi Saluja, who opposed losing Religare's chairmanship. SEBI noted procedural non-compliance in Gaekwad’s initial offer approach.
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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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Proxy advisors call for Rashmi Saluja's ouster from Religare; co backs her
Livemint
·
7m 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
·
6m 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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Burmans seek Saluja’s removal from Care Health board
Livemint
·
10m 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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