By:- B.T Team
Image Credit:- Google
Shareholders have approved Rashmi Saluja’s reappointment as director of Care Health Insurance.
Care Health Insurance Shareholders Reappoint Rashmi Saluja
The Burman family, shareholders in Religare, is in a conflict with the company's board over control.
Conflict in Religare Enterprises
Rashmi Saluja, Chairperson of Religare
Rashmi Saluja currently serves as the chairperson of Religare Enterprises.
Reappointment Cleared
On September 30, shareholders cleared Rashmi Saluja’s reappointment with a majority vote.
Her position as director is renewed every five years, based on shareholders' approval.
5-Year Term
Burmans Demand Removal
The Burman family, proposed acquirers of Religare, demanded Rashmi Saluja’s removal from the board of Care Health Insurance.
Care Health Insurance's Response
After legal consultation, Care Health Insurance’s directors found no cause for Saluja’s removal.
Majority Stake in Care
Religare Enterprises, with a 64% stake in Care Health Insurance, supported the resolution for Saluja's reappointment.
The Burman family owns 25.18% of Religare Enterprises and has made an open offer for an additional 26% stake.
Hostile Offer
Religare Enterprises’ board considers the Burman family’s open offer a hostile bid for control.