INSUBCONTINENT EXCLUSIVE:
Rashmi Saluja, chairperson, Religare2 min read Last Updated : Sep 30 2024 | 11:16 PM IST
The shareholders of Care Health Insurance, an
unlisted subsidiary of Religare Enterprises, on Monday cleared the reappointment of Rashmi Saluja as a director of the company with a
This position is renewed every five years with nod from shareholders.
Also, in a statement, Care Health Insurance said its directors
reviewed the communication dated September 27 received from the proposed acquirers of Religare Enterprises, the Burman family, demanding the
Care, the directors agreed that there exists no cause for removal of Saluja and a suitable response is being sent to the proposed acquirers
The rest of the stake is held by employees and Union Bank of India.
The Burmans, a shareholder of Religare Enterprises, are currently in
a conflict with Religare's board over the control of Religare Enterprises.
The Burman family owns a 25.18 per cent stake in Religare
Enterprises and has made an open offer to acquire an additional 26 per cent stake in the company
The Burman family had earlier written to the shareholders of Care Health Insurance, urging them to remove Saluja.
Kedaara Capital, and
for Religare Enterprises as a hostile acquisition.
On Monday, shares of Religare Enterprises closed 5.87 per cent higher at ~291
each.
Saluja, who chairs Religare Enterprises board, has successfully turned the company around over the past six years after it
have enhanced the company's valuation by attracting new capital and innovative ideas while strengthening its leadership
Initially, the Burmans praised and supported our management, collaborating with the board over the past six years
Now, they assert their interest in the company due to its potential, yet simultaneously disregard the very people who contributed to that
