The board of directors of Religare Enterprises Ltd (REL), which is engaged in a battle for control with the Burmans of the Dabur group, has come out in support of its Executive Chairperson Rashmi Saluja, stating she had turned around the financial services company.
“The accusations are not only against Rashmi in isolation but targeted toward the entire management and the board that has worked tirelessly and with dedication and commitment to make Religare a debt free organization over five years,” REL board said in a statement, defending the share sale and Employee Stock Ownership Plan (ESOPs) of Saluja. There are five non-executive independent directors on the REL board, according to the BSE. They are: Malay Kumar Sinha, Hamid Ahmed, Praveen Kumar Tripathi, Ranjan Dwivedi and Preeti Madan. The Burmans, who have made an open offer to take control of REL, have levelled a series of allegations against the REL Chairperson and the company.
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