A shareholder of Religare Enterprises, named Sapna Govind Rao, is unhappy with a decision made by a judge in Delhi. The judge did not stop the Burman family from trying to buy more shares in the company. The Burman family already owns Dabur and wants to buy an extra 26% stake from the public. Rao, who only owns 500 shares, also wanted to pause the company’s annual meeting scheduled for February 7 until this situation is resolved.
Rao feels that the Burman family’s offer is too low and does not reflect the true value of Religare’s shares. She believes that the Burman family will gain too much compared to smaller shareholders like herself, and she wants the court to look into this. Additionally, she is asking the Reserve Bank of India (RBI) to review the Burmans’ approval to buy shares, especially since another bidder, Danny Gaekwad Developments & Investments, offered more money—Rs 275 per share compared to the Burman family’s offer of Rs 235.
On the same day, another matter involving Religare’s executive director Rashmi Saluja will also be heard. Saluja has her own concerns about her reappointment as a director at the upcoming meeting. She believes that if her reappointment is discussed, it would not be fair and could hurt her rights and those of the company. Saluja has asked the court to declare the agenda for the meeting about her reappointment as invalid and to stop the company from talking about it.
Justice P.K. Kaurav has already asked the company to respond to Saluja’s request.
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