Care Health Insurance retains Rashmi Saluja on its board

The Board of Care Health Insurance decided to keep Rashmi Saluja as chairperson of the board, despite the demand for her removal by companies controlled by the Burman family. The Burman family is a significant shareholder of Religare Enterprises, the holding company of Care Health Insurance.

The directors of Care Health Insurance Limited (CARE) have examined the communication dated September 27, 2024, from the prospective acquirers of Religare Enterprises Limited (REL), which demanded the removal of Rashmi Saluja from the Board of Directors. In a statement, the health insurance company stated, "In light of a legal opinion received by CARE, the Directors agreed that there is no cause for the removal of Rashmi Saluja, and a suitable response is being sent to the proposed acquirers accordingly."

The Burmans, who hold around 25 percent of REL through four entities - MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co - announced an open offer on September 25, 2023, to acquire a 26 percent stake from the public shareholders.

Last year, the open offer plan for Rs 2,116 crore triggered a dispute between the REL management and the Burmans, with both sides trading allegations.

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