Rashmi Saluja's re-appointment to REL board fails to get shareholders' stamp
Rashmi Saluja's re-appointment resolution to the board of Religare Enterprises (REL) was defeated, with 97.53% of shareholders voting against it, according to the scrutinizer's report on e-voting published by the company on the stock exchanges on Sunday night.
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The e-voting on the resolution was held between February 4 and 6 ahead of the AGM on February 7. Saluja had refused to step down from the board and announced at the AGM that she would not offer herself for reappointment, as she is not liable to retire by rotation.
According to the scrutinizer's report, 99.65% of institutional investors and 97.23% of non-institutional investors voted against Saluja's reappointment resolution. The resolution for appointing Kirtane & Pandit as the company's statutory auditor was rejected, with 76.97% of shareholders voting against it.
The audited results for the year ended March 31, 2024, were approved, with 79% of shareholders voting in favour of the resolution.
At the AGM on Friday, Saluja abruptly dropped the agenda item on her retirement by rotation and reappointment as director, disallowing live voting. The Companies Act mandates retirement by rotation for executive directors, but Saluja has insisted her term runs until 2028.
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