Religare seeks RBI nod for new directors; moves to remove Saluja, Asthaana

The board of directors of Religare Enterprises is seeking the Reserve Bank of India (RBI) and shareholders’ approval to appoint Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam to its board as additional directors (non-executive and non-independent), the company said in a statement to the exchanges.

 

The board also recommended the removal of directors Rashmi Saluja and Rakesh Asthaana from the boards of subsidiary companies and committees, the exchange notification said. Both were nominee directors on the subsidiary companies. Saluja was ousted by Religare shareholders after an 18-month takeover battle with the Burmans of the Dabur group.

 

 

Additionally, the company 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.