Interim REL chief to replace Saluja

An 18-month public spat over control of Religare Enterprises Ltd (REL) finally ended on Thursday with the company confirming chairperson Rashmi Saluja's ouster and the appointment of independent director Praveen Kumar Tripathi as interim chairman.

- Anirudh Laskar & Neha Joshi

That, and US-based businessman Digvijay 'Danny' Gaekwad's failure to submit ₹600 crore in an escrow account by 2 pm on Thursday—as directed by India's top court—effectively means the Burman family's open offer for the New Delhi-based financial services company stands firm.

The Reserve Bank of India clarified to Religare in a letter on Thursday that Saluja cannot continue further as a director, the company informed the stock exchanges. The filing said Saluja would no longer serve in her role following the results of the 40th annual general meeting (AGM) held on 7 February 2025.

"As per the report of the scrutinizer, the number of votes cast against the resolution was 97%.... Accordingly, Rashmi Saluja, executive chairperson of the company, ceases to be the director of the company," the exchange filing stated.

The company added in the filing that at its meeting held on 11 February, Religare's board appointed Tripathi as chairperson until 30 June.

Tripathi told Mint on a phone call on Thursday that the company's four independent directors-Tripathi himself, Malay Kumar Sinha, Ranjan Dwivedi, and Preeti Madan would serve as chairperson by rotation.