RELIGARE TAKEOVER
Sebi asks Religare to file Burmans’ open offer plan
Sebi directs Religare to apply with open offer proposal by Burman family to purchase additional 26% stake from public shareholders.
Won't back down, says Religare's Rashmi Saluja amid tiff with Burman family
"I may have agreed that five years ago, I didn't have the experience, but after five years, three successful businesses, a company turnaround and a great team and board to support me, I will not back down," Saluja told ET in an interview. "Any allegations of corporate governance against the board and the management are directly reflected toward the regulators. Our naysayers need to understand that."
'No occasion' to approach regulators: Religare
The firm said in its communication to the Securities and Exchange Board of India (Sebi), Reserve Bank of India, and the Insurance Regulatory and Development Authority of India (IRDAI), that it would proceed with seeking their approval after the regulators give their decisions on the alleged violations by the Burmans.
Burmans write to RBI, asks central bank to intervene on open offer as Religare takeover tussle intensifies
REL led by chairperson Rashmi Saluja has sought to obstruct the applications that need to be sent to the regulators for changes in shareholding, control and management of REL, said the letter by the Burmans, promoters of the Dabur Group. The action by the REL management “impedes the ability of regulatory authorities to perform their obligations,” the Burmans said in the letter, a copy of which ET has seen. “It also costs the public shareholders of Religare.”
Burman family hikes Religare stake to over 25%, increases grip on company
The Burman family has consolidated their position in Religare Enterprises Limited (REL) by increasing their stake by around 4% through open market purchases. Their cumulative stake now stands at 25.1%. The stake hike was done at an average price below Rs 235/share, which is the open offer price.
Enforcement Directorate searches nine RFL-linked offices
In a regulatory filing, Religare Enterprises said RFL had made a request to the ED to expedite the probe. RFL has also promised its lenders that it would make "all possible efforts" to recover the siphoned off funds, a Religare Enterprises spokesperson told ET, adding that RFL had commissioned a forensic audit to trace the assets and money trail.
- Go To Page 1
Religare hits out against Dabur's Burmans as takeover battle gets murkier
Religare Enterprises has strongly responded to the Burman family's call for an investigation into the alleged allotment of an 8% share of Religare Finvest to REL Chairman Rashmi Saluja. Denying the claims, Religare Enterprises stated that the information shared by the Burmans is misleading. The company emphasized that such misinformation impacts shareholder value.
Religare Ent says arm didn't issue shares to chairperson Rashmi Saluja, no norms flouted
Religare Enterprises has clarified that it has not violated rules on issuance of securities to key managerial personnel, as its non-bank lending arm, Religare Finvest, did not issue any shares to its chairperson, Rashmi Saluja. The company stated that the proposal of granting 21.4 million stock options to Saluja was approved by shareholders but not acted upon.
Rashmi Saluja's acquisition in REL via ESOPs requires investigation: Burman family
The Burman family has accused Rashmi Saluja of acquiring a significant amount of remuneration through Employee Stock Ownership Plans (ESOPs) at Religare Enterprises Limited (REL), Care Health Insurance Limited, and RFL without approval and disclosure to shareholders. The Burman family has called for an investigation into compliance with SEBI Takeover Regulations and questioned the management and independence of independent directors.
Religare Enterprises denies issuing 8% stake of Religare Finvest to Chairman Rashmi Saluja
"Subsequent to the passing of enabling special resolution by the shareholders of RFL with respect to 'Item No 5', RFL has not placed any proposal with NRC till date for grant of above mentioned ESOPs to CMD. Since no new shares were issued/allotted in the matter, there is no contravention of the Reg 26 (6) of the SEBI Takeover Regulations," the company said in a statement.
Religare Finvest issued Esops to Rashmi Saluja a day after Burmans' open offer
The award in the unlisted subsidiary ascribed its value in a band of Rs150-260 crore. Previously, proxy advisory firm InGovern had estimated the Esops awarded to Saluja in Religare Enterprises as well as its health insurance subsidiary Care Health Insurance to be worth Rs480 crore.
Sebi probes Burmans' Religare offer, seeks 'details, sequence of events' after open offer sparked tiff
In a December 20 letter reviewed by ET, Sebi asked Religare for "complete details and sequence of events, starting from the time of first discussion regarding the open offer transaction till the stock exchange announcement dated September 25, 2023."
CCI seeks details from Religare on Burmans' merger, role plans
The Competition Commission of India (CCI) has also sought communication documents exchanged between the Burmans and Religare from October 13, 2017, to September 25, 2023, the period when the promoters of FMCG major Dabur acquired shares in the financial services firm.
Board versus Burmans: Where is Religare's tussle with its biggest shareholder headed?
The board has no shareholder representation. It has six members including Chairperson Rashmi Saluja who has an executive role. All the other members are retired civil servants except Hamid Ahmed, who is the CEO of Hamdard Laboratories and chancellor of Jamia Hamdard University.
‘It is up to Sebi to decide if Burman offer for Religare is fishy, not independent directors’
“Who is the person to decide whether the open offer is fishy or in accordance with the regulation? The authority rests with SEBI. If the regulator finds something they will obviously not clear the open offer but it does not mean that anybody can just say that open offer is bad or fishy.”
Timing of Burmans' open offer fishy: Religare independent director Hamid Ahmed
"The merits of the offer are not very good. They want to replace the board and the management," said Ahmed, also the chief executive officer of Hamdard Laboratories and chancellor of Jamia Hamdard University. "The company has come out of heritage problems. At such a time, the offer looks a bit fishy," said Ahmed, who joined Religare's board as an independent director two years ago.
Mahadev app news put out by people who are resisting our takeover of Religare: Mohit Burman
“I do not know any of these (Mahadev app) gentlemen. I have never met them. I have never placed a bet in my life. So, there is no question of any. This is totally maligning news being set out by people who are now resisting our takeover of the company (Religare Enterprises).”
There is no shareholder representation on Religare board; the idea is to create value, not destroy it: Mohit Burman
“We have to be very careful in what categories we enter because I still want Eveready to be a B2C business, which we are good at running. All our businesses are B2C businesses. And plus we want to get into categories which now do not have very strong sort of players.”
Police report linking family to app case attempt to block Religare deal: Burmans
"Curiously, the first information report (FIR) comes at a time when the Burman family has sought to increase its existing shareholding of 21.24% in Religare Enterprises and launched a legitimate open offer under the Sebi takeover code," the Burman family said in a statement Tuesday.
Independent directors of Religare rebel against Dabur promoters Burmans' takeover plan
Religare's independent directors have alleged that the Burmans are in material breach of regulatory obligations that may harm the firm. Of the six-member board, five are independent. They are Malay Kumar Sinha, Hamid Ahmed, Praveen Kumar Tripathi, Ranjan Dwivedi and Preeti Madan. The board is led by executive chairperson Rashmi Saluja.
Religare asks police to probe allegations linked to previous leadership
Religare Enterprises, an Indian financial services company, has requested the police to initiate a new investigation into alleged fund misappropriation and business dealings that occurred under its previous leadership. This request comes after the Burman family, founders of consumer goods conglomerate Dabur, announced plans to raise their stake in Religare.
Will 'sell in May and go away' be a good idea for investors this year?
Investors are questioning whether the "Sell in May and Go Away" adage will hold true after the recent 6% surge in the Nifty. The US Federal Reserve's rate-setting panel meeting and the recent failure of First Republic Bank are expected to increase uncertainty, leading to concerns about whether the market will sustain the recent rally. While the past 23 years have shown mixed results for the maxim, analysts are recommending clients to load up on their favourite stocks in case of a sell-off.
Authum completes Rs 3,351 cr takeover of Reliance Home Finance Ltd
"Authum has transferred the requisite amounts to secured creditors and the business transaction agreement has been signed by lenders to hand over the assets to them. This brings an end to a process which began almost three years ago," said a person familiar with the deal.
Religare Finvest lenders approve company's one-time settlement offer
Bank of India (BoI) was the last among the lenders to give its assent to the plan after a board meeting last week, clearing the decks for a settlement with the lenders.
Ahead of Market: 12 things that will decide stock action on Wednesday
“Once the high gets taken out, the index can head towards 15,000 level in the short term. On the downside, the gap area between 14,469 and 14,336 levels will act as a crucial support zone," said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
Religare Finvest settles case with Sebi
The watchdog had conducted a probe to ascertain whether then Deccan Chronicle Holdings' promoters had made any fraudulent pledging of shares and whether adequate disclosures had been made during the October 2011 to December 2012 period.
Market Movers: YES Bank, Videocon hit upper circuits; Voda most active stock
Shares of some 45 companies hit their 52-week highs on NSE. They included Asian Paints, Indo Count Industries, Infibeam Avenues, Coforge, Emami and Hindustan Foods, among others.
Can Nippon takeover of RNAM be a win-win deal for investors?
A takeover or buyout of a fund house usually has no bearing on mutual fund investors.
Load More
