Care Health Insurance Retains Rashmi Saluja on Board

New Delhi, Sep 30 (PTI) Board of Care Health Insurance on Monday decided to retain Rashmi Saluja as chairperson of the board despite demand for removal by Burman family-controlled companies.

The Burman family is a major shareholder of Religare Enterprises, the holding company of Care Health Insurance.

The directors of Care Health Insurance Limited (CARE) reviewed the communication dated September 27, 2024, received from the proposed acquirers of Religare Enterprises Limited (REL), demanding the removal of Rashmi Saluja from the Board of Directors, the health insurance said in a statement.

"In light of a legal opinion received by CARE, the Directors agreed that there exists no cause for removal of Rashmi Saluja and a suitable response is being sent to the proposed acquirers accordingly," it added.

Burmans, who holds around 25 per cent of REL through four entities -- MB Finmart, Puran Associates, VIC Enterprises and Milky Investment and Trading Co -- announced an open offer on September 25, 2023, to acquire a 26 per cent stake from the public shareholders.

The Rs 2,116 crore open offer plan last year sparked a row between REL management and the Burmans, with both sides trading charges.