Religare Enterprises denies issuing 8% stake of Religare Finvest to Chairman Rashmi Saluja
Saluja has not been issued any additional stock options of Religare Finvest, rebutting a call for an investigation by the Burman family into the alleged allotment of 8 per cent stake through Employee Stock Ownership Plans (ESOPs) in violations of rules. In a statement, Religare Enterprises Ltd (REL) said the approval sought at the AGM of RFL (Religare Finvest Ltd) held on September 26, 2023 was to seek enabling approval of shareholders for the proposed grant of ESOPs of RFL to Rashmi Saluja under the RFL ESOP Plan 2019.
RFL is a subsidiary of Religare Enterprises.
REL chairperson Saluja is also chairperson and MD of RFL.
At the AGM of RFL, the shareholders «amongst other things passed the Special Resolution (Item no. 5) for approval for grant of 2,14,11,555 options under RFL ESOP Plan 2019 to CMD (Saluja), equivalent or exceeding to 1 per cent of the current issued share capital of RFL».
«Subsequent to the passing of enabling special resolution by the shareholders of RFL with respect to 'Item No 5', RFL has not placed any proposal with NRC till date for grant of above mentioned ESOPs to CMD. Since no new shares were issued/allotted in the matter, there is no contravention of the Reg 26 (6) of the SEBI Takeover Regulations,» the company said in a statement.
Earlier in the day, Burman family called for an investigation into the alleged allotment of 8 per cent share of RFL to REL Chairman Rashmi Saluja.
