Recent revelations that Dr. Saluja sold Religare shares after meeting a Burman family representative just before the open offer was announced could have two serious consequences.
Religare’s executive chairperson Dr. Rashmi Saluja, who has been pivotal in turning around its fortunes, may be unable to prevent a hostile takeover by the owners of Dabur
Religare Enterprises: While the open offer price is higher than the price at which Burmans upped stake in the company in August, it is quite lower than the prevailing price.
Religare Enterprises shares climbed 9.67 per cent to hit a high of Rs 241.45 on BSE. Shares of Dabur India were trading at Rs 563.35 on BSE, down 0.3 per cent.
SEBI has banned former Religare Finvest CEO Kavi Arora from the securities market for two years and imposed a fine of ₹5 crore for fund diversion. Here’s what happened.