Religare directors nudge company secretary to act; Saluja moves HC

Independent directors of Religare Enterprises Ltd have written to the company secretary of the financial services conglomerate, urging him to notify the authorities of Rashmi Saluja's cessation of tenure as the company's chairperson.

- Neha Joshi

This follows an overwhelming mandate from shareholders at the company's annual general meeting (AGM) last Friday against giving her a fresh term as director.

Mint has seen a copy of independent director Praveen Kumar Tripathi's email, which he confirmed later in the day.

"The shareholders took a decision at the AGM. This is a follow-up to that. It should be implemented because that is the law," he said. "In our opinion, we are bound to follow the decision of the shareholders unless there is a court order to the contrary."

Religare's board currently consists of four independent directors—Tripathi, Malay Kumar Sinha, Ranjan Dwivedi and Preeti Madan.

Saluja is the company's executive chairperson. However, over 97% of shareholder votes cast at the company's AGM on Friday were against her reappointment as a director.