NEW DELHI: In a setback for Rashmi Saluja, executive chairperson of Religare Enterprises (REL), the Delhi High Court (HC) has denied relief to her in a plea against a resolution seeking to replace her with a new director at the upcoming annual general meeting (AGM) on February 7.
Salula had moved the Delhi High Court against her removal as a director of REL, as she had argued that her appointment was for a fixed term of five years till 2028.
The decision clears the way for the AGM and the voting on the appointment of a new director to replace Saluja, an important update in the ongoing dispute between the Burman family of Dabur and Saluja. The Burmans open offer to acquire a majority stake in REL is already underway and will close on Friday.
Saluja’s plea has been opposed by four independent directors of REL. Additionally, the proxy firms — Stakeholders Empowerment Services, Institutional Investor Advisory Services, and InGovern Research — have recommended an ‘against’ vote on the resolution pertaining to Saluja’s reappointment, citing concerns over corporate governance, employee stock ownership plans (ESOPs), and higher remuneration. REL described the proxy firm’s reports as ‘orchestrated and motivated’.
In addition to Saluja’s plea, minority shareholder Sapna Rao filed a separate case with the Delhi HC to consider the counter-open offer made by Danny Gaekwad. The court on Tuesday stated that SEBI will consider Gaekwad’s offer in accordance with law and that the open offer by Burmans can continue.