Rashmi Saluja, the executive chairperson of Religare, faced intense scrutiny and legal challenges as she presided over the company’s 40th Annual General Meeting (AGM) via video conferencing. The meeting came amid a takeover battle with the Burman family, who have made a bid to acquire a significant stake in the company. The AGM was also marked by mounting allegations of financial misconduct, which Saluja denied, stating that her management team had rescued Religare from collapse and restored its reputation in the financial sector.
Saluja had surprisingly removed the agenda item regarding her reappointment, insisting that she had already been appointed as chairperson until 2028, rendering a vote unnecessary. Proxy advisory firms had earlier recommended voting against her reappointment due to governance concerns. Saluja used the meeting to reject the allegations, claiming that the entire turnaround of the company in the past six years was being tainted by the current takeover battle between the four acquirer companies and the management. She emphasized that her team had achieved the turnaround, and its hard work was being discredited.
The outcome of the AGM may impact the efforts of US-based investor Digvijay ‘Danny’ Gaekwad to acquire a significant stake in Religare, as well as the Burman family’s bid. The future of Saluja’s tenure as executive chairperson remains uncertain, and the company’s future direction hangs in the balance, with the takeover battle and governance concerns still unresolved.