SEBI Closes Case Against Religare, Rashmi Saluja Over Non-Cooperation with Burman Open Off

The Securities and Exchange Board of India (SEBI) has closed proceedings against Religare Enterprises Limited (REL), its former Executive Chairperson Rashmi Saluja and five directors over their alleged failure to cooperate with the Burman Group’s open offer for REL.The markets regulator disposed of the interim order-cum-show cause notice issued on June 19, 2024 without passing any further directions.SEBI noted that the open offer had since been completed and that the Burman Group had assumed control of REL. Therefore, the principal issue underlying the proceedings had already been resolved.“Consequently, where the alleged irregularity has already been cured and the corrective steps have been fully implemented, the very object of a remedial direction stands satisfied,” the July 31 order said.The proceedings were initiated against REL, Saluja and directors Malay Kumar Sinha, Hamid Ahmed, Praveen Kumar Tripathi, Ranjan Dwivedi and Preeti Madan.The dispute arose after MB Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited and Milky Investment & Trading Company, collectively referred to as the Burman Group, announced an open offer for REL in September 2023.The Burman Group, which then held 21.54 per cent in REL, proposed to acquire a further 26 per cent at ₹235 per share for a total consideration of about ₹2,116 crore.Between October 2023 and June 2024, REL made several representations to SEBI objecting to the proposed offer and raising