**Title: Rashmi Saluja Sues Religare Enterprises to Block AGM Vote**
Rashmi Saluja, the chairperson and CEO of Religare Enterprises Ltd, has initiated a lawsuit against the company she leads in an effort to prevent a potential takeover and extend her tenure. This legal action pits her against four of the five independent directors of the company, marking a notable instance in the realm of public companies.
On Tuesday, Saluja filed a case in the Delhi High Court, seeking to halt the annual general meeting (AGM) scheduled for 7 February, where shareholders will vote on her reappointment as a director. The Burman family, which holds a little over 25% stake in Religare and is associated with Dabur Ltd, has proposed to acquire an additional 26% from minority shareholders at ₹235 per share. Saluja faces the possibility of being ousted, as her reappointment requires approval from at least half of the shareholders. Recently, proxy advisor InGovern Research Services advised shareholders to vote against her reappointment.
Senior Supreme Court lawyer Nalin Kohli, representing the four independent directors—Praveen Tripathi, Malay Sinha, Ranjan Dwivedi, and Preeti Madan—described the situation as unusual. He noted that a board member and CEO, without informing other directors, has sued the company, effectively suing herself. The court is set to hear the case on 4 February.
Kohli expressed concern over the implications of Saluja’s actions, questioning her intentions and whether shareholders can trust someone acting against the company’s interests. Two independent directors, Dwivedi and Sinha, declined to comment, while Ahmed and Madan were unavailable for remarks.
Religare director P.K. Tripathy expressed surprise at Saluja’s decision to file a lawsuit against her own company, emphasizing that the case was directed solely at the company and not the individual board members.
