Saluja's chances dim; court declines relief

Religare Enterprises chairperson Rashmi Saluja's attempt to hold on to her board position in an acrimonious takeover battle has taken a fresh turn.

- Nehal Chaliawala & Neha Joshi

Of the financial services company's investors confirmed to Mint about voting against Saluja's reappointment as director in the lead-up to the company's annual general meeting (AGM) on Friday, 7 February. This drastically reduces her chances of continuing at the helm of the company she helped revive from the brink of bankruptcy.

Voting began on Tuesday morning for three resolutions, one of which pertains to the reappointment of Saluja as a director on the company's board.

The same day, the Delhi High Court declined any relief to Saluja, paving the way for the shareholder meeting to continue. Last week, Saluja had sued the company she heads and prayed for a stay on the AGM.