Religare, a prominent financial services player, has expressed shock and disappointment over recent accusations against its Chairperson, Dr. Rashmi Saluja. The allegations, not solely against Dr. Rashmi but implicating the entire Management and Board, are refuted by Religare’s leadership.
The company, which has experienced significant growth under Dr. Rashmi Saluja’s guidance, denies all allegations from individuals with vested interests. Religare emphasizes its commitment to high levels of governance, ethics, and integrity and pledges cooperation with authorities for any necessary clarification.
In the press release, they spoke on the following matters:
Dr. Rashmi Saluja denies being informed about the proposed Open Offer during a meeting on September 20, 2023. The sale of shares, including Dr. Rashmi Saluja’s ESOPs, involved 12 other REL employees and was initiated days before the said meeting. The sale occurred at the prevailing market price on September 21 and 22, 2023. Proceeds from the share sale were reinvested in ESOPs of the RPRIS Religare Group entity.
Regarding the CARE Health Insurance ESOP Grant:
Dr. Rashmi Saluja, as an REL employee, was granted options from the ESOP pool of Care Health in June 2022. Vesting conditions and timelines were specified in the grant, aligning with standard corporate practice. The reported remuneration includes the perquisite value of exercised ESOPs only.
Dr. Saluja’s performance-linked remuneration, approved by the NRC, Board, and Shareholders, is in accordance with regulatory guidelines. Reappointed in February 2023 for a five-year term, Dr. Saluja’s annual remuneration, including ESOP perquisites, was Rs 42.06 Cr, as per the FY 22-23 Annual Report.
Religare asserts that the allegations do not reflect the reality of its operations and remains dedicated to its stakeholders, maintaining transparency and adherence to corporate norms.
