Sebi Directs Religare on Burman Group's Open Offer: Regulatory Clash Intensifies

Sebi mandates Religare Enterprises to seek statutory approvals for Burman family's open offer by July 12. Religare's board, led by Chairperson Rashmi Saluja, opposes the offer, claiming the Burman family is unfit. Sebi finds no evidence for these claims and expresses dissatisfaction over Religare's opposition.

Regulatory tensions escalated as market watchdog Sebi mandated Religare Enterprises (REL) to seek statutory approvals for an open offer by the Burman family, promoters of Dabur India, by July 12.

The Burman family, aiming to increase their shareholding in Religare, faces hurdles as Religare's board, chaired by Rashmi Saluja, contests their qualifications.

Sebi dismissed Religare's claims against the Burman family as lacking substance and criticized the board's hostile stance, underscoring the shareholders' rights for an exit option.

Religare spokesperson assured compliance with the regulatory directives, marking a pivotal moment in the corporate tug-of-war.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)