Religare investors reject reappointing Saluja as director

Shareholders of Religare Enterprises Ltd almost unanimously rejected chairperson Rashmi Saluja's reappointment as director, effectively ending her six-year stint at the helm of the financial services firm that she helped save from bankruptcy.

- Nehal Chaliawala

More than 97% of the votes cast by shareholders were against Saluja's reappointment, the voting outcome released on Sunday showed.

That translates to about 191.3 million votes against her, versus 4.8 million votes in her favour.

"The Resolution No. 2 (Ordinary Resolution) failed to passed with the requisite majority," concluded MAKS & CO., the Delhi-based audit and tax firm, which was the scrutinizer for the AGM proceedings, in its note.

At the company's annual general meeting (AGM) on Friday, Saluja had blocked shareholders from further voting on the resolution to reappoint her. About three-fifths of the company's shareholders had participated in the voting exercise through electronic voting in the run-up to AGM.

"As per the 2nd resolution, I don't offer myself for re-appointment as I am not liable to retire by rotation," she said, as per a draft copy of the AGM proceedings that Religare shared with the stock exchanges late on Friday night.