HC refuses to stay Religare Ent's AGM vote to replace Saluja as director
This story was originally published at 15:35 IST on 4 February 2025
Register to read our real-time news.Informist, Tuesday, Feb. 4, 2025
--HC refuses to stay Religare Ent's AGM vote to replace Saluja as director
NEW DELHI – The Delhi High Court on Tuesday refused to stay the voting at Religare Enterprises Ltd.'s annual general meeting to appoint a director of the company in place of Rashmi Saluja. The high court said Saluja "prima facie" had failed to establish a case in her favour. Saluja has offered herself for reappointment as the director at the annual general meeting of Religare Enterprises scheduled for Feb. 7.
The company had 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.
Saluja said 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. The resolution lacks legal basis and infringes upon her statutory and contractual rights, she said, adding that 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 executive chairperson 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 has ignored the directions of the Reserve Bank of India which mandates no change in the management of the company, she 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.
At 1521 IST, shares of Religare Enterprises Ltd. were down 0.8% at INR 236.23 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
