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Religare

Shareholders of the firm to vote on Rashmi Saluja reappointment as director on Dec 31

Updated On: 10 Dec 2024 | 10:47 PM IST

The RBI grants conditional approval for the Burman family's 26% stake offer in Religare, with restrictions on board changes. Sebi approval is still pending amid valuation disputes

Updated On: 10 Dec 2024 | 2:55 PM IST

In a notice to the stock exchanges, the company said Religare is currently an acquisition target, and an open offer was made by the Burman family (of Dabur group) on September 25 last year

Updated On: 24 Oct 2024 | 11:19 PM IST

The Religare board opposed the open offer and has taken action against it with regulators, including RBI and Sebi

Updated On: 24 Oct 2024 | 1:00 AM IST

Rashmi Saluja faces calls for removal ahead of key shareholders' meeting amid insider trading allegations and ED investigation

Updated On: 30 Sep 2024 | 1:27 PM IST

Proxy advisory firm InGovern has raised concern over Religare Enterprises postponing its 40th annual general meeting "without any valid reason" and has sought a Sebi probe into the matter, but the company termed the report manipulative. The regulator may examine the decision-making processes that led to the delay, as well as the company's actions regarding share allotments and Employee Stock Ownership Plans (ESOPs), the advisory firm said in a report. Responding to the report, Religare Enterprises chairperson Rashmi Saluja said, "The report is manipulative in nature and is a malicious attempt to hurt the credibility of the company and its leadership. We are compliant with all laws and regulations and continue to uphold the sanctity of the High Court of Delhi, and hence will not be able to speak on matters which are sub-judice." "Short selling is becoming a trend to undermine the growing potential of Indian companies under different reasons and we would like really to understand the

Updated On: 23 Sep 2024 | 9:13 PM IST

Certain institutional investors have expressed their discontent, suggesting that it may be a strategy to avoid a vote on Saluja's reappointment, the report added

Updated On: 22 Sep 2024 | 9:32 PM IST

The Burman family is the largest shareholder in REL and is currently embroiled in a conflict with the REL chairperson over a change of control at the financial firm

Updated On: 23 Aug 2024 | 10:20 PM IST

However, chairperson Saluja prohibited from exercising pending ESOPs

Updated On: 09 Aug 2024 | 9:20 PM IST

Told to file application with RBI, Irdai by July 22 along with concerns on 'fit & proper' status of Burmans

Updated On: 10 Jul 2024 | 10:56 PM IST

Says cooperating with Sebi, Irdai on allegations of insider trading, ESOP irregularities; Denies any wrongdoing

Updated On: 31 May 2024 | 11:43 PM IST

Refuting allegations by Burman family, Religare Enterprises Ltd (REL) Executive Chairperson Rashmi Saluja said the share sale by her was in accordance with procedure and approval of the board. Earlier this month, Burman Family, who are locked in a pitched battle with Religare Enterprises for the acquisition of the financial services firm, made fresh complaints against Saluja about insider trading violations. As per the disclosure on exchanges last month, Saluja sold 6.18 lakh shares on March 26, 6.70 lakh shares on March 27, and 7.21 lakh shares on March 28. Following the transaction, Saluja's holding in REL is reduced to 0.81 per cent from 1.23 per cent. "What I have read in the newspaper it is all unsubstantiated. The proposal was approved by the board and Nomination and Remuneration Committee (NRC). The board and independent members approved the proposal as per the regulation. So there has been no violation of regulation at all," she said. Burmans, who holds around 25 per cent o

Updated On: 28 May 2024 | 7:19 PM IST

Dabur owners, the Burman family, has increased their stake in Religare to 25.18%, which allows them to block special resolutions at Religare

Updated On: 21 Mar 2024 | 10:20 AM IST

Updated On: 15 Mar 2024 | 2:10 PM IST

The incident happened on flight AI 161 before the scheduled pushback for take off and Saluja was deboarded following advice from the captain of the flight

Updated On: 07 Mar 2024 | 11:59 PM IST

A spokesperson for Burmans said that the banking regulator has taken note of the non-cooperation by Religare and has directed Religare to make the necessary applications to the banking regulator

Updated On: 12 Feb 2024 | 10:08 PM IST

On September 25th, last year, the Burman family had announced an open offer for REL at Rs 235 per share

Updated On: 31 Jan 2024 | 8:28 PM IST

Amid ongoing feud with the Burman family, Religare Enterprises on Wednesday claimed fair trade regulator CCI's approval for additional stake purchase by the Burman family entities does not "give a clean chit to the acquirers" with respect to certain alleged competition law violations. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. The release issued by the CCI regarding the stake purchase clearly stipulates that the "approval is without prejudice to the proceedings that may be initiated under Section 43A, 44 and/or 45 of the Competition Act, 2002", a Religare Enterprises spokesperson said. The spokesperson said it was in connection with the combination notice issued by the acquirers forming

Updated On: 25 Jan 2024 | 5:04 PM IST

The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. "CCI's approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45)," Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.

Updated On: 25 Jan 2024 | 8:21 AM IST

Religare Enterprises Ltd (REL) on Saturday said it has requested Enforcement Directorate to expedite investigation into money allegedly siphoned off by erstwhile promoters. ED officials, on the basis of a complaint by the present management of Religare Finvest Ltd (RFL) -- a subsidiary of REL -- and pursuant to the ongoing investigation with respect to corporate loan book, collected relevant information/documents on January 5, 2024 to expedite the investigation as per request made by RFL recently, REL said in a filing. REL said it stands committed to recover the amount siphoned off from REL and its subsidiaries by the erstwhile promoters Malvinder Mohan Singh, Shivinder Mohan Singh and their associates and affiliates. Multiple cases have been initiated towards the same and various agencies are investigating these transactions. RFL has promised its lenders that they will make all possible efforts to recover siphoned off funds and in line with the same, RFL has commissioned a forensi

Updated On: 06 Jan 2024 | 6:29 PM IST