97% Voted against Re-appointment of Rashmi Saluja as Director of Religare
Moneylife Digital Team 13 February 2025
Dr Rashmi Saluja, executive chairperson of Religare Enterprises Ltd (REL) ceases to be a director of the company after her re-appointment proposal was rejected by shareholders.
 
In a regulatory filing, REL says, "One of the agenda items as per the annual general meeting (AGM) notice approved by the board of directors of the company was the re-appointment of Dr Saluja, the executive chairperson and the only non-independent director (NID) on the board... As per the report of the Scrutiniser, the number of votes cast against the resolution was 97%."
 
 
Since REL is a non-banking finance company (NBFC), it is governed by the Reserve Bank of India (RBI) regulations as well as by market regulator Securities and Exchange Board of India (SEBI) as the company is a listed entity.
 
REL had sought clarification from the RBI seeking guidance on the applicability of Regulation 27 of the Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016, on whether the prior permission will be required in the case of Dr Saluja's re-appointment. As per the regulations, RBI's prior approval is not required in case of directors who get re-elected on retirement by rotation.
 
However, following a reply from RBI, the company says Dr Saluja is no longer the director of REL. 
 
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