A division bench of the the Delhi High Court on Monday deferred hearing an appeal filed by MB Finmart, a Burman Family entity, opposing the Registrar of Companies’ (RoC) three-month extension for Religare Enterprises’ annual general meeting (AGM) for 2023-24, citing an absence of the RoC’s reply.
The court has set the next hearing on November 20 despite the Burmans’ legal counsel insisting on an earlier date to prevent the petition from becoming infructuous. A bench comprising justices Rekha Palli and Saurabh Banerjee directed the RoC to file its reply within two weeks.
“It appears that only the rejoinder filed by the appellant (Burmans) to the counter affidavit of respondent number one (RoC) is on record. Accordingly, we grant liberty to the respondent number one (RoC) to have its counter affidavit placed on record within two weeks,” the bench said in its order. A detailed order is awaited.
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On August 22, the RoC granted Religare a three-month extension, postponing the company’s 40th AGM from September 30 to December without offering any reason. The Burmans, the largest shareholders in Religare, contested this decision, leading the Delhi High Court to issue notices to both the parties, requiring responses within 10 days.
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The Burmans’ legal counsel argued on Monday that the RoC’s extension was granted for “reasons unrelated to holding an AGM”. They said one of the key agenda items for the AGM is the reappointment of executive chairperson Rashmi Saluja, who sought the extension only to continue her position till the AGM.
The counsel for MB Finmart said Saluja has been facing multiple orders and ongoing investigations by the Enforcement Directorate and the Securities and Exchange Board of India. “This person is continuing without the shareholders having a say,” the counsel said.
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