Religare Enterprises Ltd (REL) has withdrawn its appeal at the National Company Law Appellate Tribunal (NCLAT) against a Competition Commission of India (CCI) order that allowed four Burman Family controlled entities to acquire a 5.27 per cent stake in the financial services firm.
The move comes after the Burman Family, through its investment firms, gained a controlling stake in REL after acquiring 25.16 per cent of equity shares through an open offer.
The total holding of the Burman family now exceeds 50 per cent, consolidating their position as the largest shareholders in REL.
In January 2024, CCI had approved the acquisition of 5.27 per cent stake of REL by the four Burman Group entities from the open market. This CCI approval was then challenged before NCLAT by REL under then Executive Chairperson Rashmi Saluja.
“….Authorised signatory for Appellant (Religare) is present and submits that he is under the authorisation to say the Appellant (REL) is not interested in pursuing the matter and intends to withdraw this appeal”, said the NCLAT order.
In view of this, the appeal stands dismissed as withdrawn. All the pending applications are also disposed of, a two-member bench comprising Yogesh Khanna, Member (Judicial) and Ajai Das Mehrotra, Member (Technical), said last week.
The four Burman family-owned entities, which were also made parties before the NCLAT are – Puran Associates Private Ltd (PAPL), VIC Enterprises Private Ltd (VIC), MB Finmart Private Ltd (MFPL) and Milky Investment & Trading Company (MITC).
Religare Enterprises Executive Chairperson Saluja was in February 2025 ousted as director by the REL shareholders, following the Burman family acquiring a controlling stake in the company.
Subsequently, the REL had also directed subsidiary companies to initiate the process for the removal of Rashmi Saluja from their respective companies.
