Religare's Rashmi Saluja accused of tampering with REL AGM agenda
Religare Enterprises Ltd (REL) investors accused executive chairperson Rashmi Saluja of hijacking the company's annual general meeting (AGM) on Friday to avoid having to step down as director by deleting the relevant item from the agenda. This comes after two high courts — that of Madhya Pradesh and Delhi — had ruled that the AGM should proceed. The Delhi High Court had rejected Saluja's legal attempts to block the resolution regarding her retirement by rotation and reappointment.
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On the same day, the Supreme Court kept alive a competing bid for Religare Enterprises shares by US-based investor Danny Gaekwad Developments & Investments, rivalling that of the Burman family's open offer for an additional 26% stake in the company from public shareholders, which is at the centre of the struggle for control of the finance company.
Gaekwad's Counter Bid
As part of this, the top court extended the Burmans' open offer till Wednesday (February 12). The open offer was to have closed on Friday. The top court asked Gaekwad to deposit ₹600 crore in cash or bank guarantees as stipulated by Securities and Exchange Board of India (Sebi) regulations on or before February 12, while coming down heavily on the market regulator for not allowing the rival offer.
Religare's company secretary and four independent directors didn't respond to queries on the events at the AGM.
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