Leadership Shake-Up at Religare Enterprises Amid Burman Takeover Bid

Rashmi Saluja has stepped down as the executive chairperson of Religare Enterprises after failing to secure board approval for her reappointment. The move occurs as Burmans seek a 26% stake in the company. Praveen Kumar Tripathi is appointed chairperson amidst regulatory and legal hurdles involving Burman and a US-based investor.

Religare Enterprises announced a leadership change on Thursday as executive chairperson Rashmi Saluja failed to secure shareholder approval for her reappointment and stepped down from her position. This development coincides with the Burman family's efforts to increase their stake in the company by 26% through an open offer.

Saluja's exit, effective February 7, 2025, follows a significant 97% of shareholder votes against her reappointment during the company's 40th annual general meeting. The company quickly appointed Praveen Kumar Tripathi as the new non-executive independent chairperson until June 30, 2025, on a rotational basis.

The Burman family, known for owning a substantial stake in Dabur India, aims to increase their ownership in Religare from 25.12% to 53.94%. The open offer is facing legal obstacles, including a Supreme Court hearing involving a competing bid from US-based investor Danny Gaekwad, who was ordered to deposit Rs 600 crore by February 12.