Two leading proxy advisory firms have recommended Religare Enterprises investors Ltd (REL) to vote against giving a fresh five-year term on the company's board to chairperson Rashmi Saluja, further turning the odds against her reappointment that was already hanging in balance amid her ongoing feud with the company's largest shareholders, the Burman family. Religare has issued a rebuttal to the opinion of the proxy advisors, standing behind Saluja.
Justifying the call for Saluja's ouster, proxy advisors InGovern and Institutional Investor Advisory Services (IIAS) said the protracted battle between the Saluja-led management and the Burman family and resultant litigation may be a distraction for Religare's board. "Legal disputes and police cases may be potential distractions to the board and to her in her ability to execute her responsibilities as executive chairperson of the company," IIAS said.
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