The Burman family, led by Dabur’s Chairman Mohit Burman, have finally secured control of Religare Enterprises, a financial services company, after an 18-month struggle. With their new ownership of 25.2% stake, they have gained the right to implement special resolutions, but would need RBI approval to increase their stake beyond 26%. Although they have taken control, they have not yet nominated their representatives to Religare’s board, including four proposed directors: Arjun Lamba, Abhay Agarwal, Ramanathan Gurumurthy, and Suresh Mahalingam, who failed to obtain RBI approval earlier. The Burman family has expressed their priority to instill stability, strengthen governance, and drive sustainable growth at Religare.
A Burman Group spokesperson announced that they were “pleased to announce that we have acquired control of Religare and been designated as its promoters.” However, they will need to resubmit the names of their proposed directors or submit new ones to ensure they meet RBI’s criteria for board membership. The family’s takeover strengthens their position in the financial services sector and continues their expansion beyond the consumer goods industry, where they are well-established through their flagship brand, Dabur. With their new role as promoters, the Burmans will play a significant role in shaping Religare’s future strategy and operations.