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Religare directors slam co secy's haste in Gaekwad offer
Mint Mumbai
|January 30, 2025
Two independent directors on the Religare Enterprises Ltd board have criticized the company secretary's haste in publicizing a late bid from Danny Gaekwad, even as chairperson Rashmi Saluja moved the high court to block a shareholder vote which would decide her continuance at the conglomerate's helm.
Praveen Tripathi and Malay Sinha on 26 January wrote to Religare's company secretary Vinay Gupta about the Gaekwad proposal, which was returned by the market regulator on Tuesday. While Tripathi said it was "injudicious" on Gupta's part to forward letters without verifying the sender's identity, Sinha said Gupta acted despite an instruction to seek approval from a committee of independent directors on matters related to the open offer.
Mint has seen copies of both emails.
Over Friday and Sunday, Gaekwad proposed to make a competing offer worth ₹5,000 crore, countering the Burmans' ongoing offer for an additional 26% stake. Religare forwarded both letters to stock exchanges.
Emails sent to Sinha and Tripathi did not elicit any response.
This story is from the January 30, 2025 edition of Mint Mumbai.
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