The Madhya Pradesh High Court (HC) has stayed Religare Enterprises Ltd's annual general meeting (AGM) that was scheduled for 31 December as well as the approval granted by the Reserve Bank of India to the Burman family to make an open offer to acquire an additional 26% stake in Religare.
Religare chairperson Rashmi Saluja is up for reappointment at the AGM, which had already been pushed from September to December. The Burman family, Religare's largest shareholder, is looking to oust Saluja even as she has REL's backing.
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