Madhya Pradesh HC stays Religare AGM on investor's plea
Madhya Pradesh High Court has stayed the annual general meeting (AGM) of Religare Enterprises until further notice following a writ petition filed by an investor.
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In a stock exchange filing, the New Delhi-based financial company said it had received an email from the lawyers of the writ petitioner filed before the court in Jabalpur.
Religare's annual general meeting to get the shareholders' nod for three resolutions including the reappointment of chairperson Rashmi Saluja was scheduled for December 31.
The order dated December 18 said, «Till further orders, the notice dated 09.12.2024 and the Annual General Body Meeting of Respondent No. 7 (REL), which is scheduled to be held on 31.12.2024, shall remain stayed.»
The petition by the investor alleged that if the AGM took place as scheduled, it would enable the acquirers (the Burmans) to exploit their dominant shareholding and change Religare's management.
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