In a setback for Rashmi Saluja, the chairperson of Religare Enterprises Ltd (Rel), the Madhya Pradesh High Court has stayed the firm's annual general meeting scheduled for 31 December.
It has also suspended the Reserve Bank of India's approval to the Burman family to launch an open offer to acquire an additional 26% stake in Religare Enterprises.
The stay on AGM may cause unrest among REL shareholders as the non-banking financial company's management had postponed the AGM from September to December.
The delay is particularly crucial as Saluja was to be reappointed.
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