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. More than 97% of the votes cast by shareholders were against Saluja’s reappointment, the voting outcome showed. That translates to about 191.3 million votes against her, versus 4.8 million votes in her favour. At the company’s annual general meeting (AGM), 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. Prominent proxy advisor firms had also recommended the shareholders to vote against her reappointment. 

Religare was in the midst of a takeover battle since late 2023 after the Burman family, the promoters of Dabur and Religare’s largest shareholders, made an open offer to acquire 26% more shares in the financial services firm. Although initially in favour of the takeover, Saluja and the company’s board soon rejected the offer, stating the offer undervalued the company.

Burman family now has acquired a controlling stake of 25.16 percent in the financial services firm.

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