A division bench of the Delhi High Court (HC) on Thursday
declined to stall the potential ouster of Religare Enterprises Ltd (REL)
Chairperson Rashmi Saluja at the company’s Annual General Meeting (AGM) slated
for Friday (February 7).
The division bench of Justices Rekha Palli and Saurabh Banerjee
said that they found “no infirmity in the order of the single judge”, and
dismissed Saluja’s appeal.
She had sought permanent injunctions to prevent her removal and
stop the resolution from being voted on at the AGM.
Earlier on February 4, a single judge of the HC had dismissed
her plea, following which she moved the division bench.
Saluja, who is set to retire by
rotation, argued that her appointment was for a fixed term of five years,
ending 2028.
The single judge order noted that while she was appointed in
2023 for a five-year term, the board meeting and AGM minutes explicitly stipulated
retirement by rotation.
“This clearly indicates
that the understanding of the plaintiff that she is liable to retire is not
something that was introduced for the first time in 2025...It is evident that
the plaintiff has failed to establish a prima facie case in her favour,"
Justice Purushaindra Kumar Kaurav had said in his order.
Saluja’s plea was opposed by four independent directors of the
company and the Burman family, the largest shareholder in REL, which launched
an open offer to acquire an additional 26 per cent stake. Saluja has offered
herself for reappointment, and the outcome of the voting will be known at the
AGM.
The AGM, originally scheduled for December, was delayed due to
legal proceedings before the Madhya Pradesh HC.