Rashmi Saluja, chairman of Religare Enterprises Ltd., filed a petition with the Delhi High Court for India’s Securities and Exchange Commission, three Berman Family Entities, Religare Enterprises and JM Financial, against violation of RBI terms and lack of disclosure. did. Suppress competing open offers. She requested the court to reject Berman’s open offer process and prayed that the conditions set by the RBI should be met if the offer proceeded.
Saluja argued that market regulators did not take the necessary steps to protect investors and minority shareholders across the religion, according to a copy of the petition viewed by NDTV’s interests. She also argued at the annual general meeting on February 7th that the removal as executive chairman of Rel was illegal.
The petition requested that the Reserve Bank of India grant conditional approval for the open offer on December 9, 2024, requesting that the acquirer merge the non-bank financial company and submit a detailed plan within 90 days. Although stated, Sarja failed to meet these conditions the acquirer claims had, and its SEBI allowed them to continue their offer despite this non-compliance.
