NEW DELHI: Rashmi Saluja, recently ousted by the shareholders of Religare Enterprises (REL), has filed a plea before the Delhi high court against capital market regulator Securities and Exchange Board of India (Sebi), the company (REL) itself and JM Financial for non-compliance, violations of RBI conditions and suppressing a competing open offer, among other things.
Saluja alleged that the Sebi didn’t take the necessary action to protect investors and minority shareholders in the open offer process. The plea stated that the RBI granted conditional approval for the open offer on December 9, 2024, requiring the acquirers (Burmans) to consolidate their non-banking financial companies and submit a detailed plan within 90 days. Saluja alleges the acquirers have failed to meet these conditions and that Sebi has allowed the open offer to proceed despite this non-compliance.