At Religare Enterprises Ltd’s Annual General Meeting (AGM) on Friday, Chairperson Rashmi Saluja surprised shareholders by blocking a vote on her reappointment. She stated that she was not retiring as a director and, therefore, her reappointment did not require a vote, leaving investors and proxy advisory firms stunned.

 

The meeting agenda included three resolutions, one of which was Saluja’s reappointment. However, independent director P.K. Tripathi objected, arguing that shareholders had the right to vote on all agenda items. Despite multiple court appeals seeking to delay the meeting, no legal relief was granted, putting Saluja at risk of being removed.

 

Many investors had already cast their votes electronically before the AGM, and the final results were expected by Sunday evening. Reports suggest a significant portion of shareholders opposed Saluja’s reappointment.