New Delhi: Religare Enterprises Ltd (REL) chairperson Rashmi Saluja on Frida said she has nothing personal against Burman, who is locked in a battle with the management for control of the financial services firm due to an open offer bid. .
Burman, who holds about 25 per cent of REL through four entities – MB Finmart Puran Associates, VIC Enterprises and Milky Investment and Trading Company, has filed an open offer on September 25, 2023 to acquire 26 per cent stake from public shareholders. Announced. ,
Soon after the open offer bid, Burman complained to capital markets regulator SEBI for violation of insider trading rules by his choice of board chairman and appointees.
Refuting all allegations, Saluja said, "We have had a great relationship with all the shareholders including Burman for the last 6 years. They have invested in the company only after seeing the progress and how the management has worked in the last 6 years .,
He emphasized that as acting chairman, he would be more than happy to find solutions in the best interests of the organization.
"This will be based solely on the concerns that have been raised by Boar, they should be put to rest... Whatever path forward is taken, it will be in the best interests of the organization. We want the share price to move up." “We want this value to be unlocked tomorrow,” she said.
“I have nothing personal (against Barman). I have been here as working president for the last 6 years.I have nothing against anyone...they can't stop if they want...I have no complaints. I have an interest in playing, it's in the company's interest,'' he said.
On the report published by proxy advisory firm InGovern Research, Saluja said the company has served him notice as it has tarnished the company's image.
“They (proxy advisory firms) had published unfair and factually incorrect information against the company,” he said.
Asked about the status of the open offer of Rs 2,116 crore by Burman entities, he said, it has not been completed.He said the regulator is looking into the concerns raised by the board and once its concerns are clear, the board will take a decision on the open offer.
Despite the challenges, he said, REL's performance has improved and this has been confirmed by the rating agencies by improving its ratings.
He said the regulators are completely satisfied and employee morale is also high and there are hardly any job losses in the company.
He said consolidated revenue in FY2014 was Rs 6,299 crore, up 30 per cent over the previous year, while profit before tax was Rs 217 crore (exclusive of extraordinary items), compared to a loss of Rs 31 crore in FY2013. happened.
Despite some challenges, REL continues to grow.All four businesses have reported another profitable year, he said.
During the financial year, Care Health Insurance and Religare Broking Limited have recorded their best ever performance.
“We remain optimistic about the future of all businesses and are confident of our ability to continue to deliver value to all our stakeholders. Care Health Insurance posted all-time high premium collections of Rs 7,022 crore in FY24 .
He said, “Our securities broking business recorded bumper growth with revenue of Rs 368 crore in FY24, an increase of 29 per cent over the previous year."
Burman, who holds about 25 per cent of REL through four entities – MB Finmart Puran Associates, VIC Enterprises and Milky Investment and Trading Company, has filed an open offer on September 25, 2023 to acquire 26 per cent stake from public shareholders. Announced. ,
Soon after the open offer bid, Burman complained to capital markets regulator SEBI for violation of insider trading rules by his choice of board chairman and appointees.
Refuting all allegations, Saluja said, "We have had a great relationship with all the shareholders including Burman for the last 6 years. They have invested in the company only after seeing the progress and how the management has worked in the last 6 years .,
He emphasized that as acting chairman, he would be more than happy to find solutions in the best interests of the organization.
"This will be based solely on the concerns that have been raised by Boar, they should be put to rest... Whatever path forward is taken, it will be in the best interests of the organization. We want the share price to move up." “We want this value to be unlocked tomorrow,” she said.
“I have nothing personal (against Barman). I have been here as working president for the last 6 years.I have nothing against anyone...they can't stop if they want...I have no complaints. I have an interest in playing, it's in the company's interest,'' he said.
On the report published by proxy advisory firm InGovern Research, Saluja said the company has served him notice as it has tarnished the company's image.
“They (proxy advisory firms) had published unfair and factually incorrect information against the company,” he said.
Asked about the status of the open offer of Rs 2,116 crore by Burman entities, he said, it has not been completed.He said the regulator is looking into the concerns raised by the board and once its concerns are clear, the board will take a decision on the open offer.
Despite the challenges, he said, REL's performance has improved and this has been confirmed by the rating agencies by improving its ratings.
He said the regulators are completely satisfied and employee morale is also high and there are hardly any job losses in the company.
He said consolidated revenue in FY2014 was Rs 6,299 crore, up 30 per cent over the previous year, while profit before tax was Rs 217 crore (exclusive of extraordinary items), compared to a loss of Rs 31 crore in FY2013. happened.
Despite some challenges, REL continues to grow.All four businesses have reported another profitable year, he said.
During the financial year, Care Health Insurance and Religare Broking Limited have recorded their best ever performance.
“We remain optimistic about the future of all businesses and are confident of our ability to continue to deliver value to all our stakeholders. Care Health Insurance posted all-time high premium collections of Rs 7,022 crore in FY24 .
He said, “Our securities broking business recorded bumper growth with revenue of Rs 368 crore in FY24, an increase of 29 per cent over the previous year."
