Inform regulators of Saluja's cessation as chairperson, Religare board tells company secretary
Subscribe to enjoy similar stories. Independent directors of Religare Enterprises Ltd have written to the company secretary of the financial services conglomerate, urging him to notify the authorities of Rashmi Saluja's cessation of tenure as the company's chairperson. This follows an overwhelming mandate from shareholders at the company's annual general meeting (AGM) last Friday against giving her a fresh term as director.
Mint has seen a copy of independent director Praveen Kumar Tripathi's email, which he confirmed later in the day. "The shareholders took a decision at the AGM. This is a follow-up to that.
It should be implemented because that is the law," he said. "In our opinion, we are bound to follow the decision of the shareholders unless there is a court order to the contrary." Religare's board currently consists of four independent directors—Praveen Kumar Tripathi, Malay Kumar Sinha, Ranjan Dwivedi, and Preeti Madan. Also Read | Rashmi Saluja's reappointment rejected by Religare shareholders Rashmi Saluja is the company’s executive chairperson.
However, over 97% of shareholder votes cast at the company's AGM on Friday were against her re-appointment as a director. Tripathi said the independent directors will assume some of the chairperson's responsibilities in the interim. He said that the board is identifying others who can take over the remaining responsibilities, adding that the independent directors themselves will not be taking on any executive role.
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