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Saluja rose from obscurity to lead the turnaround of Religare. How did she do it?

Hamid Ahmed, an independent member on the Religare Enterprises board, has described the timing of the Burman family open offer to buy more shares as ‘fishy in the first such media comments by any of the independent directors at the financial services company the founder-promoters of Dabur are seeking to control.

"The merits of the offer are not very good. They want to replace the board and the management," said Ahmed, also the chief executive officer of Hamdard Laboratories and chancellor of Jamia Hamdard University. "The company has come out of heritage problems. At such a time, the offer looks a bit fishy," said Ahmed, who joined Religare's board as an independent director two years ago.

Religare unit asked to reply in a week on “excessive” grant

Religare's independent directors have alleged that the Burmans are in material breach of regulatory obligations that may harm the firm. Of the six-member board, five are independent. They are Malay Kumar Sinha, Hamid Ahmed, Praveen Kumar Tripathi, Ranjan Dwivedi and Preeti Madan. The board is led by executive chairperson Rashmi Saluja.