Shareholders have right to remove/appoint directors, say lawyers
Over 97 per cent of shareholders voted against her reappointment; Saluja had contended that she is not liable to retire by rotation
US investor seeks American intervention to overcome regulatory hurdles in India
It asked US-based investor Danny Gaekwad to deposit Rs 600 crore in terms of its competing offer against the Burman family's open offer on or before February 12
She had sought a permanent injunction to prevent her removal and to stop the resolution from being voted on at the AGM, scheduled for physical voting on Friday
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
Move paves the way for AGM, Burman open offer conclusion
Voting will begin from Tuesday and results are expected after the annual general meeting (AGM) scheduled for Friday
Executive chairperson has contended that her appointment is valid till 2028; Next hearing in the matter on February 4
US-based entrepreneur had sought nod to launch competing open offer
We have full faith in Sebi, Modi government, Gaekwad said
The Burman family claimed that the competing offer falls outside the 15-day window stipulated by the Sebi takeover code, following their initial offer on October 4, 2023
The counter offer of Rs 275 a share in cash was made late Friday evening, just two days before the open offer of Rs 235 a share made by the Burman family of the Dabur group opens on Monday
Burmans' open offer slated to open on Monday
Shareholders must evaluate the offer carefully and also not the conditions RBI has set for it, they say
Burmans' Religare Enterprises' open offer to acquire an additional 26 per cent stake from the open market would commence on January 27 following the regulatory approvals. Last month, the Reserve Bank approved the open offer of the Burman family -- the promoters of FMCG major Dabur -- to acquire an additional 26 per cent stake in NBFC firm Religare Enterprises Ltd (REL). The open offer is for the acquisition of up to 9,00,42,541 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the expanded voting share capital of REL from the public shareholders by M.B. Finmart Private Ltd, Puran Associates Private Ltd, VIC Enterprises Private Ltd and Milky Investment & Trading Company, a regulatory filing said. According to the tentative schedule of the open offer, the offer closes on February 7. As of September 30, 2024, Burmans, through its four entities, collectively owns a 25.12 per cent stake in REL. The Burman family -- a promoter of Dabur India and other
The order clears way for the open offer by Burman family
The Madhya Pradesh High Court dismissed a PIL blocking Religare's AGM, vacating the stay on Rashmi Saluja's reappointment and allowing the Burman family's stake acquisition process to proceed
Shares of Religare Enterprises were in high demand on Thursday, after media reports suggested that the Madhya Pradesh High Court has dismissed a petition against regulators RBI and Sebi
Court also stayed Religare Enterprises annual general body meeting