Dr. Rashmi Saluja, the current Executive Chairperson of Religare, has filed a lawsuit against a proposed resolution at the upcoming 40th Annual General Meeting (AGM) that seeks to replace her with a new director. The resolution is scheduled to be voted on at the AGM, but Saluja has sought to have it halted, arguing that it is illegal and violates several laws. She claims that the resolution is unnecessary and unlawful, as her current term extends until February 25, 2028, and that her fixed-term appointment under Section 196 of the Companies Act 2013 exempts her from retirement by rotation under Section 152(6). Saluja has also argued that the proposed resolution contravenes a Reserve Bank of India (RBI) directive issued on December 9, 2024, which prohibits changes in REL’s management.
In response to this lawsuit, Justice Purushaindra Kumar Kaurav refused to pass an interim order to halt the voting at the AGM, allowing the proposed resolution to proceed. Meanwhile, Saluja has filed another lawsuit, seeking a declaration that she is not liable to retire by rotation and that the proposed resolution is illegal. She has also sought permanent injunctions to prevent her removal and to stop the resolution from being voted on at the AGM. The outcome of these legal proceedings will determine Saluja’s continued tenure as the Executive Chairperson of Religare and the outcome of the proposed resolution.