Religare’s annual common assembly to get the shareholders’ nod for 3 resolutions together with the reappointment of chairperson Rashmi Saluja was scheduled for December 31.
The order dated December 18 stated, “Until additional orders, the discover dated 09.12.2024 and the Annual Common Physique Assembly of Respondent No. 7 (REL), which is scheduled to be held on 31.12.2024, shall stay stayed.”
The petition by the investor alleged that if the AGM befell as scheduled, it could allow the acquirers (the Burmans) to use their dominant shareholding and alter Religare’s administration.
Religare’s administration led by Saluja and the Burman household, the largest shareholders of the agency with a stake of round 25%, are at loggerheads over the management of the corporate. Final week, the Securities and Alternate Board of India (Sebi) permitted the Burman household’s proposed open supply to accumulate an extra 26% stake in Religare. Earlier this month, the Reserve Financial institution of India (RBI) additionally gave its approval to the supply by the promoter household of Dabur.”It’s verily believed they might make sure that a extra pliant administration is put in place which might not intervene with their open supply since a lot opposition has been made by the current administration, who’ve, inter alia, raised problems with undervaluation of the supply worth,” stated the writ petition.Proxy advisory agency InGovern Analysis Companies, which suggested shareholders of Religare to vote towards the reappointment of Saluja as a director, termed the court docket order “weird”.
“It is weird that the HC is intervening in a problem primarily based on an RBI order, given RBI is an unbiased regulator,” stated Shriram Subramanian, founder and MD of InGovern Analysis. “The choice to dam the AGM is illogical, because it makes the corporate non-compliant with the Corporations Act.”
In August, Religare deferred its AGM from September to December. Following this, the Burman household filed a petition with the Delhi Excessive Courtroom towards the Registrar of Corporations (RoC) and Religare for delaying the AGM.
The Religare administration led by Saluja has been against the open supply by Burmans, proprietor of client agency Dabur, citing issues over a low supply worth and “match and correct” allegations.
The open supply, introduced at ₹235 per share, quantities to ₹2,116 crore in all for the extra stake. If profitable, it could elevate the Burman household’s whole stake within the New Delhi-based NBFC to effectively above 50%, successfully granting it majority management.
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