Archive · 2 Aug 2026
SEBI Drops Religare Proceedings After Burman Takeover
SEBI is a government agency that watches over companies in India.
It had started a case against Religare Enterprises and its former chair Rashmi Saluja because they were accused of not helping with a big sale of the company.
The sale was finished in February 2025, and the new owners took control.
SEBI said the problems were fixed, so it stopped the case.
The company’s board members had different opinions about how the sale was handled, but the regulator decided no more action was needed.
SEBI has closed proceedings against Religare Enterprises and former chair Rashmi Saluja after the Burman Group takeover finished.
The regulator said no further directions are needed because the open offer and control transfer were finalized in February 2025.
Proceedings began in June 2024 after allegations of non‑cooperation during the open offer, including failure to secure RBI approvals.
Independent directors claimed reliance on Rashmi Saluja’s representations, while Saluja and Hamid Ahmed argued the CoID acted independently and had legal opinions.
SEBI’s Quasi‑Judicial Authority Biju S noted the preventive nature of earlier directions and that the issue had been cured.
- Who
- Religare Enterprises, Rashmi Saluja, SEBI, Burman Group
- What
- SEBI closed proceedings against Religare and Rashmi Saluja
- When
- Proceedings closed July 31 2026; takeover completed February 2025; proceedings began June 2024
- Where
- India
- Why
- Earlier issues were resolved after the takeover was completed
- Regulator
- Securities and Exchange Board of India
- Company
- Religare Enterprises
- Former Chair
- Rashmi Saluja
- Takeover Completed
- February 2025
- Proceedings Closed
- July 31 2026
