Religare Row: Rashmi Saluja Moves Delhi High Court Against Ouster From Board

Dr. Rashmi Saluja has moved the Delhi High Court against her removal as a director of Religare Enterprises Ltd., as she wishes to continue in her current role till 2028, according to the petition copy seen by NDTV Profit.

The filing copy further mentions that Saluja wishes to avoid retirement by rotation.

Her plea challenges Section 152 (6) of the Companies Act , which mandates that one-third of the board, excluding independent directors, has to retire yearly. As the sole executive director, Saluja faces annual retirement under this rule.

Hearing in the matter will take place on Tuesday before the bench of Justice PK Kaurav in the Delhi High Court.

Saluja's case is that she wishes to prevent the proposal at the upcoming annual general meeting, aimed at appointing a director in her place at Religare. She has submitted that this resolution is invalid as she has a fixed five-year term as per the Companies Act, 2013 and her contractual rights are being violated. She was appointed in her role in 2020.

Saluja's main ask is that Religare should be prevented from voting or implementing the resolution to oust her from the board. The case is slated to be heard on Tuesday before the single judge bench of Justice Purushaindra Kumar Kaurav.

Meanwhile, Sapna Govind Rao, a minority shareholder with 500 shares in Religare Enterprises Ltd., has moved the Delhi High Court to stop the Dabur fame Burman family's acquisition of the company's stake.

Rao has instead supported the counteroffer given by Danny Gaekwad, which SEBI returned on Tuesday.

As per the information available on the Delhi High Court website, Rao's petition mentioned that the conditional approval given to the Burman Family by the Reserve Bank of India is not in consonance with the acquisition and takeover regulations of the Securities and Exchange Board of India.