Religare Enterprises Overhaul: Saluja and Asthaana Ousted Amidst Burman Family Takeover

Religare Enterprises is undergoing a major revamp as its board moves to remove former executive chairperson Rashmi Saluja and retired DG Rakesh Asthaana from its subsidiaries. This follows the Burman family's acquisition of a controlling stake, holding 25.16% in the company post-open offer.

In a significant shake-up, Religare Enterprises' board announced on Wednesday its decision to initiate the removal of ex-executive chairperson Rashmi Saluja from its subsidiaries. This comes on the heels of Saluja's ejection as director, a move ratified by shareholders after the Burman family secured a controlling stake.

Additionally, the board has recommended the ousting of Rakesh Asthaana, retired director general of the Border Security Force, from all respective committees. The board convened on February 26, resolving that subsidiaries take the necessary actions to remove both Saluja and Asthaana.

The shift in power dynamics follows the Burman family's acquisition, which now stands at 25.16% post an open offer. Despite a muted response to the Rs 2,116 crore offer, the family, through various entities, has solidified its influence over the financial services company.