The ousted Government Chairperson of Religare Enterprises Rashmi Saluja has filed a contemporary writ petition within the Delhi Excessive Court docket on Tuesday looking for to quash the open provide by the Burman family-led entities. This marks the seventh authorized try by her to stall the takeover course of.
The petition, which shall be heard by HC Chief Justice on Wednesday, accuses SEBI of failing to implement RBI-mandated situations linked to the open provide’s approval.
Final December, the RBI, whereas approving the deal, directed Burmans to consolidate NBFCs beneath their management by March 2026. Saluja claimed the Burmans’ Letter of Supply (January 18) omitted these vital situations, deceptive shareholders. Nevertheless, the petition notably excludes the RBI as a respondent.
With the Delhi HC anticipated to listen to the petition on Wednesday, the result might hinge on judicial interpretation of SEBI’s function in implementing RBI mandates. It might put stress on SEBI to make clear its stance on implementing inter-regulatory situations.
Rival bid
In the meantime, the Burmans’ open provide, now entangled in litigation, dangers additional delays regardless of the Supreme Court docket’s earlier directive to maintain it open till SEBI evaluates a rival bid by US investor Danny Gaekwad.
The Burman Group – by means of entities Puran Associates, VIC Enterprises, MB Finmart and Milky Funding – has been locked in a bitter battle with Saluja since asserting an open provide in September 2023 to accumulate a 26 per cent stake in REL at ₹235 per share.
The provide, managed by JM Monetary, confronted speedy resistance from Saluja, who alleged undervaluation and regulatory non-compliance. Over the previous 16 months, Saluja has challenged the provide throughout a number of boards, together with the Delhi Excessive Court docket, Securities Appellate Tribunal and the Supreme Court docket, with restricted success. The extended litigation threatens to inflame investor uncertainty in a vital election 12 months for REL.
Final week, Saluja’s reappointment as chairperson and director of Religare was rejected overwhelmingly by shareholders on the AGM, although she sought to cease discussions on that agenda.
