**Rashmi Saluja’s Tenure as Chairperson of Religare Enterprises Terminated Following Shareholder Vote**
Rashmi Saluja, the executive chairperson of Religare Enterprises, has been asked to step down after shareholders overwhelmingly rejected her reappointment during the company’s recent annual general meeting (AGM). In response, the independent directors have instructed the company secretary to notify the relevant authorities of her termination. They will temporarily assume her responsibilities while searching for a successor in accordance with regulatory guidelines.
The independent directors, including Praveen Kumar Tripathi, Malay Kumar Sinha, Ranjan Dwivedi, and Preeti Madan, emphasized the necessity of adhering to the shareholders’ decision, stating that it must be implemented unless a court orders otherwise. At the AGM, over 97% of votes cast were against Saluja’s continuation as a director.
Tripathi indicated that the independent directors would take on some of Saluja’s duties in the interim and are in the process of identifying candidates for the remaining responsibilities. He noted that they would not assume any executive roles themselves. The selection of a new chairperson will be conducted in consultation with the Reserve Bank of India, as mandated by law.
In a separate development, Saluja has filed a petition with the Delhi High Court, alleging that the Securities and Exchange Board of India (Sebi) has failed to protect investor interests in the securities market. She claims that Sebi acted “negligently and arbitrarily” by not enforcing an order from the Reserve Bank of India, which imposed specific conditions on the Burman Family’s open offer.