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Sebi directs Religare's board, Saluja to seek approvals for Burman open offer

LivemintLivemint · 1y ago
Sebi directs Religare's board, Saluja to seek approvals for Burman open offer
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.

Related News

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

LivemintLivemint · 1y ago
Mint Explainer: Why did Sebi issue notice to Rashmi Saluja, Religare board?
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.

'You can't undervalue your own company': Religare's Rashmi Saluja questions ED & SEBI on ‘baseless allegations’

Money ControlMoney Control · 9m ago
'You can't undervalue your own company': Religare's Rashmi Saluja questions ED & SEBI on ‘baseless allegations’
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.

Kedaara Capital votes against Saluja’s reappointment as resolution passes with majority | Mint

LivemintLivemint · 9m ago
Kedaara Capital votes against Saluja’s reappointment as resolution passes with majority | Mint
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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