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Delhi High Court Allows Religare Enterprises AGM To Proceed Amid Legal Disputes

Delhi High Court Allows Religare Enterprises AGM to Proceed Amid Legal DisputesDelhi High Court Allows Religare Enterprises AGM to Proceed Amid Legal Disputes
Two separate Benches of the Delhi High Court on Tuesday declined to interfere with the Annual General Meeting (AGM) of Religare Enterprises Limited (REL), which is scheduled for February 7. Shareholders are set to vote on the Burman Family’s takeover of REL during the meeting.
Two separate petitions regarding the AGM were heard by the court. One case was taken up by a Bench comprising Chief Justice Devendra Kumar Upadhyaya and Justice Tushar Rao Gedela. It involved an appeal against a single-judge decision from January 30 that had refused to stay the AGM. The appeal was filed by a minority shareholder, Sapna Govind Rao, who argued that the takeover was being mishandled and that the Burman Family’s offer undervalued REL shares.
Rao contended that a competing bid had been made by M/s. Danny Gaekwad Developments & Investments, Florida (Gaekwad), offering ₹275 per share—a 17% premium over the Burman Family’s ₹235 per share offer. Despite this, the Division Bench declined to grant Rao any interim relief. However, it directed the Securities and Exchange Board of India (SEBI) to expedite its decision on an application filed by Gaekwad in connection with the matter.
Gaekwad had earlier sought to intervene in the case before the High Court. "We direct SEBI to decide the application dated February 1 filed by the intervenor (Gaekwad) within the shortest possible time. It is further directed that the public offer process shall be subject to the outcome of this appeal. This order is being passed without prejudice to the rights of the party," the Court stated.
A second petition was heard by Justice Purushaindra Kumar Kaurav, who also refused to pass an interim order stopping the voting on a resolution that could lead to the removal of Dr. Rashmi Saluja as Executive Chairperson of REL. Saluja had approached the court challenging the resolution at the 40th AGM, arguing that it was illegal and violated the Companies Act, 2013, as well as an RBI directive issued on December 9, 2024, which prohibited changes to REL’s management. She maintained that her reappointment as a director was unnecessary and unlawful since her current term remains valid until February 25, 2028. She further argued that, under Section 196 of the Companies
Act, her appointment as a whole-time director exempted her from retirement by rotation under Section 152(6), rendering the resolution invalid. Saluja sought a declaration confirming that she was not subject to retirement by rotation and requested a permanent injunction preventing her removal and stopping the resolution from being put to a vote.
The Court, however, held that Saluja had not established a strong enough case for an interim injunction and ruled that any harm she suffered could be compensated monetarily if she later succeeded in her suit.
"When the monetary value of a claim can be determined, there can be no irreparable loss. If the plaintiff (Saluja) succeeds in the civil suit, she can be compensated monetarily. However, if an interim injunction is granted and the plaintiff cannot prove her case, she would have held the position without being eligible to do so. The plaintiff has failed to establish a prima facie case in her favor for the grant of an interim injunction," the Court stated.
With these rulings, the Delhi High Court has allowed the AGM to proceed as scheduled while keeping the legal challenges open for further adjudication.
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