Page 4 - Religare Enterprises

Sebi orders Religare Enterprises to apply for open offer before July 12

The Burman group acquired an additional 5.7% stake in REL in September last year triggering the open offer requirement as their stake surpassed the 26% threshold

All procedure followed for share sale, says REL Chairperson Rashmi Saluja

Refuting allegations by Burman family, Religare Enterprises Ltd (REL) Executive Chairperson Rashmi Saluja said the share sale by her was in accordance with procedure and approval of the board. Earlier this month, Burman Family, who are locked in a pitched battle with Religare Enterprises for the acquisition of the financial services firm, made fresh complaints against Saluja about insider trading violations. As per the disclosure on exchanges last month, Saluja sold 6.18 lakh shares on March 26, 6.70 lakh shares on March 27, and 7.21 lakh shares on March 28. Following the transaction, Saluja's holding in REL is reduced to 0.81 per cent from 1.23 per cent. "What I have read in the newspaper it is all unsubstantiated. The proposal was approved by the board and Nomination and Remuneration Committee (NRC). The board and independent members approved the proposal as per the regulation. So there has been no violation of regulation at all," she said. Burmans, who holds around 25 per cent o

Want proposed acquirers to be more responsible to Religare: Rashmi Saluja

Religare shares sluggish as open offer is delayed

Both Religare resolutions defeated by shareholders amid public spat

In a stock exchange filing, Religare said both resolutions have 'failed to pass with requisite majority as per Section 114(2) of the Act'

Religare Enterprises board, Burman family of Dabur spar over open offer

A spokesperson for Burmans said that the banking regulator has taken note of the non-cooperation by Religare and has directed Religare to make the necessary applications to the banking regulator

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CCI approval for stake buy does not give Burmans 'clean chit': Religare

Amid ongoing feud with the Burman family, Religare Enterprises on Wednesday claimed fair trade regulator CCI's approval for additional stake purchase by the Burman family entities does not "give a clean chit to the acquirers" with respect to certain alleged competition law violations. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. The release issued by the CCI regarding the stake purchase clearly stipulates that the "approval is without prejudice to the proceedings that may be initiated under Section 43A, 44 and/or 45 of the Competition Act, 2002", a Religare Enterprises spokesperson said. The spokesperson said it was in connection with the combination notice issued by the acquirers forming

Religare shares gain 4.6% after CCI approves Burman stake buy in company

Entities controlled by the family will need Sebi's approval to launch an open offer

Burmans' misleading information about chairperson far from truth: Religare

Religare Enterprises Ltd (REL) on Thursday launched an attack on Burmans saying recent misleading information shared in the public domain by them is not only far from the truth but can best be described as false claims without evidence. The Burman family on Wednesday called for an investigation into the allotment of an 8 per cent share of Religare Finvest Ltd to Religare Enterprises Chairman Rashmi Saluja through Employee Stock Ownership Plans (ESOPs). Terming the allotment "unfortunate," the Burman family, the largest shareholder of REL, in which it collectively owns 21.24 per cent through its entities, said the process "raises a question mark on the management and the independence of the independent directors" of the diversified financial services firm. In a rebuttal to Burman family allegations, the REL board and the independent directors, in a statement, said, "The recent misleading information shared in the public domain by the Burmans is not only far from the truth but can bes

RBI asks Religare to submit fresh application for stake transfer of RHDFCL

The Reserve Bank of India has rejected Religare Enterprises' proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application. Religare Finvest Limited (RFL) is a wholly owned subsidiary of Religare Enterprises. Religare Enterprises entered into a Share Purchase Agreement on April 5 with Religare Finvest Limited and Religare Housing Development Finance Corporation Limited for acquisition of entire 87.5 per cent equity stake of RHDFCL held by RFL, Religare Enterprises said in a regulatory filing on Thursday. The Reserve Bank of India (RBI) has returned the application made by RHDFCL for prior approval with an advice to submit a fresh one with complete information, it said. In pursuance of the Share Purchase Agreement, RHDFCL would submit the application in due course, it added. RFL was put under the Corrective Action Plan Framework by the RBI in January

Religare board has no power to reject open offer for company: Burmans

The independent directors, however, have the powers to make a recommendation to the shareholders, lawyers said

Kedaara Capital backs decision made on ESOPs issued to Religare Chairperson

Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur family, which is trying to obtain a controlling stake in Religare Enterprises Ltd (REL), that Saluja allegedly violated IRDAI and Sebi norms. REL is the promoter of Care Health Insurance and Saluja is chairperson of the insurer as well. "Kedaara is a proud shareholder of Care Health Insurance. Led by a best-in-class management team and guided by a strong board, the company has always had the highest standards of governance, compliance and operational excellence," Kedaara Capital Managing Partner Sunish Sharma said in a statement. "We look forward to continuing to support it as it goes from strength to strength," it added. Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities seeking a probe in

Religare board rallies behind chairperson Saluja, defends her share sale

Financial services company rejects Ingovern's allegation of excessive remuneration

No plans to change board after Religare buy: Dabur Chairman Mohit Burman

Burman said the family office has been a shareholder of REL since 2018 and participated in its two preferential issues in 2018 and 2021

Saluja's remuneration meets legal, corporate governance norms: Religare

The actual sale of shares that happened on 21st and 22nd September by Saluja was made at then prevalent market price

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Market regulator Sebi examining Burmans' open offer for Religare Ent

On September 26, the Burman family announced the open offer to acquire an additional 26 per cent stake in Delhi-based Religare Enterprises, costing up to Rs 2,116 crore

Religare asks police to probe allegations linked to previous leadership

Religare provides loans to small and mid-sized businesses and also has health insurance and broking services units

Burmans seek control of Religare Enterprises, make open offer to buy 26%

The entities are now looking to acquire 90,042,541 shares at a face value of Rs 235 per share

Religare Ent sinks 7% as Burman family makes open offer for 26% stake

Burman family, which holds a controlling stake in Dabur, announced an open offer for a 26 per cent stake in Religare Enterprises for up to Rs 2,116 crore