In a 2023 case concerning false claims against the Burmans of the Dabur Group, the Enforcement Directorate (ED) has filed a formal complaint (FIR) against Rashmi Saluja, the executive chairperson of Religare Enterprises Ltd (REL), as well as two other high officers of the firm.
The police have filed a case at Mumbai’s Matunga police station against Saluja, REL chief financial officer Nitin Aggarwal, general counsel Nishant Singhal, and shareholder Vaibhav Jalinder Gawali under sections 420 (cheating) and 120-B (criminal conspiracy) of the former Indian Penal Code. This action is based on the complaint of the Enforcement Directorate (ED), which has been looking into a money laundering case involving Religare.
Rashmi Saluja and other senior staff members of Religare Enterprises had their homes examined by ED agents on August 23.
The conflict between the Burman family and the top REL executives began in September 2023 when four of the family’s companies purchased a 5.27 percent interest in REL, forcing an open bid because the family already had a 21.54 percent stake in the company.
Any investor who purchases more than a 25 percent stake in any listed firm is required to make an open offer, following the Securities and Exchange Board of India’s (SEBI) large acquisition of shares and takeovers guidelines.
To further increase their ownership of REL, the Burmans made an open offer to purchase a further 26% of the company. However, a month later, Religare’s board of directors objected to the open offer in a letter to SEBI. They responded to that with eighteen letters arguing that the Burmans were not “fit and proper” to take over.
REL is divided into four business divisions: Care Health Insurance is a health insurance company; Religare Finvest and Religare Housing Development Finance Corp are non-bank financial companies; and Religare Broking is a retail stock broking under the conglomerate’s ownership that is listed on two stock exchanges.
The REL has not yet submitted the applications for approval, so the SEBI has given the company until July 12, 2024, to finish the procedure. The dispute did not end there. Religare management appealed the SEBI ruling to the Securities Appellate Tribunal, which affirmed the decision and instructed the company to finish the approval procedure by July 22.
Shubhangi Gupta is a distinguished content writer and the visionary founder of The Unpleasant – Acha Nahi Sabse Sacha. With a Master’s degree in Commerce from University of Lucknow, Shubhangi has seamlessly blended her academic background with her passion for reading and writing, embarking on a successful career as a content writer since 2019.
One thought on “FIR Filed against Rashmi Saluja Religare CEO”