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ESOP to Saluja: Burmans seek probe
The Morning Standard
|January 04, 2024
THE Burman family is seeking an investigation into the allotment of 2.14 crore shares, constituting 8% of Religare Finvest Ltd (RFL), a subsidiary of Religare Enterprise Ltd (REL), to executive chairperson Rashmi Saluja through Employee Stock Ownership Plans (ESOPs).
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The investigation is to check whether the ESOP allocation is in compliance with SEBI takeover regulations, they said. The rift between the Burmans, the largest stakeholder in REL, and the current management has again intensified as it has come to notice that Saluja was allotted the ESOPs in RFL a day after the Burmans announced an open offer to buy additional shares to take over a controlling stake in the diversified financial company.
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