Religare’s annual normal assembly is scheduled for December 31. Shareholders will vote for 3 resolutions—the adoption of audited outcomes for FY2024, Saluja’s reappointment, and the appointment of statutory auditors—between December 28 and December 30.
In response to IiAS, the varied authorized disputes and police instances in opposition to Saluja could also be “potential distractions” to the board and her skill to execute duties as the manager chairperson of the corporate. IiAS mentioned the worker inventory choices to her, and the continuing variations with the most important shareholder—the Burman Household– stay issues. Care Well being Insurance coverage, a subsidiary of REL, had granted Saluja 22.7 million in inventory choices.
In response to an e-mail question, a Religare spokesperson mentioned the corporate’s board, together with its impartial administrators, “stands firmly” behind Saluja’s reappointment.
“The matter of compensation practices and ESOPs, whereas sub-judice, had been applied with full compliance with authorized and regulatory frameworks, with acceptable board and shareholder approvals,” mentioned the spokesperson.
The reappointment of Saluja is an extraordinary decision and requires a easy majority of votes from shareholders. As of September 30, the Burman household held about 25% stake, whereas home establishments and international portfolio buyers held 13.43% and eight.01%, respectively. Saluja has been at loggerheads with the Burmans following their resolution to boost their stake within the firm.InGovern Analysis mentioned the continuing scrutiny of Religare “displays poorly” on her governance capabilities.“There are additionally issues about her compensation practices and adherence to regulatory pointers concerning government remuneration,” the proxy company mentioned.
Saluja’s gross remuneration in FY24 was Rs 68.86 crore, making her the third-highest-paid firm head within the BFSI (banking, monetary companies, and insurance coverage) sector and the seventh-highest total in India, increased than the gross remuneration of Infosys CEO Salil Parekh and L&T CEO S.N. Subrahmanyan throughout the monetary yr.
InGovern additionally cited current change warnings to the corporate for delayed change disclosures, investigations by numerous businesses and regulators and issues over frequent adjustments in key managerial personnel (KMP) as the important thing causes for its suggestion.
