India Business Journal - Rashmi Saluja is no more director of Religare as she fails to get shareholders’ nod

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Rashmi Saluja is no more director of Religare as she fails to get shareholders’ nod

IBJ Bureau
Feb 14, 2025

Religare Enterprises on Thursday announced that Rashmi Saluja was no longer the director of the company. In a regulatory filing on Thursday, Religare Enterprises said: “Dr Rashmi Saluja, the executive chairperson of the company, ceases to be the director of the company”, due to “failure to receive requisite votes on the resolution for re-appointment of retiring director in the annual general meeting (AGM).

The decision was taken after a clarification on the same was sought from the Reserve Bank of India (RBI), seeking guidance of the applicability of the regulation on whether the prior permission will be required in the instant case. Response from the RBI was received today on Thursday.

Ms Saluja ceases to be non-independent director with effect from February 7, 2025, the company stated in the exchange filing.

Since the company is a non-banking financial company, it is therefore governed by the RBI regulations besides the Securities and Exchange Board of India (SEBI) as it is a listed entity.

The exit of Ms Saluja comes amid Mr Burman’s open offer to acquire an additional 26 per cent stake in the company.

Last week, at the company AGM, over 97 per cent of Religare Enterprises’ shareholders had rejected Ms Saluja’s reappointment as the chairperson and director of the company, though she had sought to stop discussions on that agenda.