Delhi HC to hear Burman family's plea in Religare AGM dispute in November

The Religare board opposed the open offer and has taken action against it with regulators, including RBI and Sebi

The Delhi High Court is set to hear the Burman family's plea in November regarding Religare Enterprises' decision to delay its annual general meeting (AGM) of shareholders by three months.   This legal dispute stems from ongoing litigation between the Burmans and Religare’s management concerning the Burman family's open offer and control of the financial services company in September last year.  The Religare board opposed the open offer and has taken action against it with regulators, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi).

 

In August this year, Religare Enterprises applied to the Registrar of Companies (RoC) for a three-month extension to hold the AGM, which was approved on August 22. However, the Burmans challenged the RoC’s order in the Delhi High Court, which dismissed their writ petition on August 30.  The proposed acquirers then appealed the decision to a division bench, which denied interim relief and issued a notice to the RoC and Religare for counter affidavits. The case is now scheduled for further hearing on November 20, 2024.