NEW DELHI: The board of directors of Religare Enterprises Ltd (REL) also recommended the removal of directors Rashmi Saluja (former chairperson) and Rakesh Asthaana (former Delhi Police Commissioner) from the boards of subsidiary companies and committees, said the company in an exchange filing.
“We would like to inform you that the Board of Directors of the Company at their meeting held today i.e. February 26, 2025 have resolved to recommend the subsidiary entities of the Company to take appropriate action(s) as applicable, for removal of the Directors, namely Dr. Rashmi Saluja and Rakesh Asthaana, from their respective Board & Committee(s),” said the filing.
This action by the board comes after the Burman family of Dabur acquired a controlling stake in Religare and was designated as promoters earlier this month. This also ended an 18-month battle between the Burmans and former chairperson Saluja who was ousted by Religare shareholders.
The Board is also seeking the Reserve Bank of India (RBI) and shareholders’ approval to appoint Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam as additional directors (non-executive and non-independent).
Religare also said that due to suboptimal business operations and a continued decline in net worth at MIC Insurance Web Aggregator (MIC), a subsidiary of the company, the board decided to write off its entire initial investment made by Religare Enterprises in MIC, worth Rs 1.41 crore.