HC summons Religare Ent on plea by Rashmi Saluja against AGM to replace her
This story was originally published at 16:14 IST on 29 January 2025
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NEW DELHI – The Delhi High Court on Wednesday summoned Religare Enterprises Ltd. and others on a petition filed by its Executive Director Rashmi Saluja against the proposed annual general meeting resolution of the company to appoint a director in place of her. Saluja has offered herself for reappointment at the annual general meeting of Religare Enterprises scheduled on Feb. 7.
The company issued a notice for the Annual General Meeting on Jan. 15, wherein one of the proposed resolutions is the appointment of a director in place of Saluja, who retires by rotation. The high court had issued a notice to Religare Enterprises on an interim injunction plea filed by Saluja regarding the annual general meeting. It will hear the case next on Tuesday.
The proposed resolution is in breach of the provisions of the Companies Act, 2013 and contrary to the direction of the Reserve Bank of India, Saluja said. The resolution lacks legal basis and infringes upon her statutory and contractual rights, Saluja said. The proposed resolution will cause great prejudice not only to her but also to the company and its shareholders.
Saluja said she has been appointed as the executive chairperson of the company for a period of five years from Feb. 26, 2023, by the nomination and remuneration committee of the company, as also by an annual general meeting, and therefore there is no reason for the proposed resolution to be either a part of the agenda for the forthcoming meeting or to be voted upon. It appears that Religare Enterprises has been wrongly advised of the legal provisions and have ignored the directions of the Reserve Bank of India which mandates no change in management of the company, Saluja said.
In August, the Enforcement Directorate had searched the premises of Saluja in connection with a case of cheating and criminal conspiracy to defraud shareholders of Religare Enterprises. The Burman family, the largest shareholder in Religare Enterprises, is looking to oust Saluja even though she has the backing of the company.
On Wednesday, the shares of Religare Enterprises ended 0.8% higher at INR 245.60 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Saji George Titus
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