Religare Enterprises' independent director Hamid Ahmed resigns from board

Religare Enterprises on Wednesday said its independent director Hamid Ahmed resigned from the board of the company.

Ahmed, who is CEO of Hamdard Laboratories India, Foods Division, ceased to be non-executive independent director of the company from February 4. 

 

He has tendered his resignation from the Board of Directors of the Company on February 4, 2025 with immediate effect, due to increasing scope of work in his family business, Religare Enterprises said in a regulatory filing.

It is to be noted that the Burman family -- a promoter of Dabur India and other entities such as Eveready Industries -- through its entities, in September 2023 announced a Rs 2,116-crore open offer to Religare shareholders to acquire up to 26 per cent stake in the company.

Soon after the open offer bid, Burmans complained to capital market regulator Sebi for violation of insider trading rules by the Religare chairperson Rashmi Saluja and appointment of board of her choice.

However, it was contested by REL independent directors, who raised red flags alleging fraud and other breaches by Burman family entities and approached regulators, including markets regulator Sebi, the RBI, and the Insurance Regulatory and Development Authority.