Religare Faces Proxy Firm Scrutiny Over Rs 480 Cr ESOPs To Rashmi Saluja

Proxy Firm InGovern Research Services has asked Religare Enterprises and its subsidiary Care Health Insurance to disclose updates on recovering Rs 480 crore worth of ESOPs granted to Rashmi Saluja. This follows the Insurance Regulatory and Development Authority of India’s (IRDAI’s) order declaring the grant illegal.

Saluja, who received over 80% of Care’s ESOPs, had exercised 7.57 million options. IRDAI imposed a Rs 1 crore penalty on Care Health in July 2024 and directed the buyback of these shares and cancellation of unvested options. InGovern has also questioned the role of former Independent Director Pratap Venugopal, citing a conflict of interest. The proxy adviser has urged the Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA) to investigate disclosure lapses and governance issues and called for full disclosure of minutes of the meeting, legal opinions, and correspondence with IRDAI.