Religare Removes Rashmi Saluja From Subsidiary Boards

New Delhi, Feb 26 (PTI) Religare Enterprises on Wednesday said its board has directed subsidiary companies to initiate the process for the removal of former executive chairperson Rashmi Saluja from their respective companies.

Earlier this month, Religare Enterprises executive chairperson Saluja was ousted as director by the company's shareholders following the Burman family acquiring a controlling stake in the company.

Besides, Religare also directed its subsidiaries to remove Rakesh Asthaana, retired DG Border Security Force, from the respective board and committee.

The board of directors of the company "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)," Religare Enterprises said in a regulatory filing.

Some of the subsidiaries of Religare include Religare Finvest Limited, Care Health Insurance and Religare Broking Ltd.

The Burman family has acquired a controlling stake in Religare Enterprises Limited (REL) after the completion of the open offer, and its shareholding post the acquisition stands at 83,201,819 equity shares, representing 25.16 per cent.

The Burmans had made an open offer for the acquisition of up to nine crore equity shares representing 26 per cent of REL's stake from public shareholders. The acquisition has been made through Burman family-owned entities M.B. Finmart Private Limited (MFPL), Puran Associates Private Limited (PAPL), VIC Enterprises Private Limited (VIC), and Milky Investment & Trading Company (MITC).

Although the Rs 2,116 crore open offer received a tepid response, Burmans' stake in the financial services firm rose to 25.16 per cent.