An overwhelming 97.53% of the shareholders of Religare Enterprises (REL) rejected the reappointment of Rashmi Saluja as director in the company in an annual general meeting (AGM). The e-voting for her reappointment, along with other resolutions, had started on Wednesday. Saluja, who was supposed to retire by rotation, had offered herself for reappointment.
On Friday, the AGM took an interesting turn, when chairperson and director Saluja stopped the discussion on her re-appointment (agenda 2), stating that she was not liable to retire by rotation. “So, we can ignore resolution number 2,” she said. When an independent director present at the meeting contested her decision, she dismissed the intervention, saying that their remarks should be taken on record.
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Last week, two rulings by the Delhi High Court rejected her petitions to halt the AGM or the resolution. Three proxy firms had also advised stakeholders to vote against Saluja’s reappointment citing various concerns including her excessive remuneration and ESOP allocation, along with the ongoing legal challenges against her.
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