Religare Enterprises Ltd.'s shareholders rejected a proposal to re-appoint Executive Chairperson Rashmi Saluja to the company's board. As per voting results uploaded by the company, nearly 98% of votes came against Saluja's return.
Earlier, during the annual general meeting, Saluja had disagreed with the resolution, stating "I don’t offer myself for re-appointment as I am not liable to retire by rotation." This was followed by an independent director countering her claim, and Saluja replying with, "I stick to what I have said."
Of the 19.6 crore votes that were counted for the resolution, 19.1 crore votes came against the motion. Nearly 100% of the institutional investors who participated in the resolution cast their votes against her.
In addition to this, most shareholders also rejected the resolution for appointing chartered accountancy firm Kirtane & Pandit LLP as the auditors of the company. Nearly 77% of votes came against this motion.
Earlier in February, the Delhi High Court had dismissed an appeal filed by Saluja, where she had sought a halt on the company's AGM. She had approached the court to safeguard herself from an impending board ouster.
Meanwhile, three proxy advisory firms—Stakeholders Empowerment Services, Institutional Investor Advisory Services, and InGovern Research—had also warned against Saluja's reappointment as a Religare Enterprises director. These firms highlighted common concerns of her excessive pay, allocation of ESOPs, and ongoing legal headwinds that she faces.
Saluja is also engaged in several corporate disputes with the Burman family in their tussle over the majority stake of Religare.
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