Mumbai: Private equity (PE) firm Kedaara Capital, which owns around 16% stake in Care Health Insurance, voted against Religare chairperson Rashmi Saluja’s reappointment to the Care board
In an ordinary resolution that passed with a majority, according to one person with knowledge of the information.
“Commercial reasons,” a second person informed on Kedaara Capital’s thinking said, ahead of the annual general meeting on Monday.
Religare Enterprises, which owns 63-64% in Care Health Insurance Ltd, voted in favour of Saluja’s appointment.
Kedaara’s decision follows the Burman family’s letter to Care Health Insurance board on 26 September ahead of the AGM, in which it sought to remove Saluja as a director
On 6 September, ED filed an First Information Report (FIR) against Saluja and others for allegedly filing false cases against the Burmans.
The Burmans moved to take over Religare Enterprises in September last year, a battle that has now turned hostile, with the REL board resisting the move.
A person familiar with Saluja’s thinking argued that FIRs could be contested, observing that many people including Union ministers have FIRs against them.