Religare Enterprises, on Wednesday, announced that its board had instructed subsidiary companies to begin the process of removing Rashmi Saluja, the former executive chairperson, from their boards. This move follows the Burman family’s acquisition of a controlling stake in the company. Earlier this month, Saluja was ousted as a director by the shareholders of Religare Enterprises after the Burman family took control.
Additionally, the company has directed its subsidiaries to remove Rakesh Asthaana, the retired Director General of the Border Security Force, from the respective boards and committees.
A regulatory filing from Religare Enterprises confirmed the board’s decision: "at their meeting held on February 26, have resolved to recommend the subsidiary entities of the company to take appropriate action(s) as applicable, for removal of the directors, namely Rashmi Saluja and Rakesh Asthaana, from their respective board and committee(s)."
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Among Religare's subsidiaries are Religare Finvest Limited, Care Health Insurance, and Religare Broking Ltd.
The Burman family acquired a controlling stake in Religare Enterprises through a public open offer. Following the completion of the offer, they now hold 83,201,819 equity shares, representing 25.16% of the company. The family’s entities—M.B. Finmart Private Limited (MFPL), Puran Associates Private Limited (PAPL), VIC Enterprises Private Limited (VIC), and Milky Investment & Trading Company (MITC)—offered to acquire up to nine crore equity shares, or 26% of REL’s shares, from public shareholders.
Though the ₹2,116 crore open offer saw a lukewarm response, the Burman family's stake in the financial services firm increased to 25.16%.
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