The ousted Executive Chairperson of Religare Enterprises Rashmi Saluja has filed a fresh writ petition in the Delhi High Court on Tuesday seeking to quash the open offer by the Burman family-led entities. This marks the seventh legal attempt by her to stall the takeover process.

The petition, which will be heard by HC Chief Justice on Wednesday, accuses SEBI of failing to enforce RBI-mandated conditions linked to the open offer’s approval.

Last December, the RBI, while approving the deal, directed Burmans to consolidate NBFCs under their control by March 2026. Saluja claimed the Burmans’ Letter of Offer (January 18) omitted these critical conditions, misleading shareholders. However, the petition notably excludes the RBI as a respondent.

With the Delhi HC expected to hear the petition on Wednesday, the outcome could hinge on judicial interpretation of SEBI’s role in enforcing RBI mandates. It could put pressure on SEBI to clarify its stance on enforcing inter-regulatory conditions.

Rival bid

Meanwhile, the Burmans’ open offer, now entangled in litigation, risks further delays despite the Supreme Court’s earlier directive to keep it open until SEBI evaluates a rival bid by US investor Danny Gaekwad.

The Burman Group – through entities Puran Associates, VIC Enterprises, MB Finmart and Milky Investment – has been locked in a bitter battle with Saluja since announcing an open offer in September 2023 to acquire a 26 per cent stake in REL at ₹235 per share.

The offer, managed by JM Financial, faced immediate resistance from Saluja, who alleged undervaluation and regulatory non-compliance. Over the past 16 months, Saluja has challenged the offer across multiple forums, including the Delhi High Court, Securities Appellate Tribunal and the Supreme Court, with limited success. The prolonged litigation threatens to inflame investor uncertainty in a critical election year for REL.

Last week, Saluja’s reappointment as chairperson and director of Religare was rejected overwhelmingly by shareholders at the AGM, though she sought to stop discussions on that agenda.

Published on February 11, 2025