CG Alert: Religare Enterprises
Updated: 7 days ago
The Red Flags
Detailed investigations by IRDAI and SEBI needed on remuneration, conflicts of interest, etc for the following reasons:
ESOPs of CARE issued to non-executive chairperson Dr. Saluja despite IRDAI’s rejection.
No REL shareholder approval for grant of CARE ESOPs to Dr. Saluja.
No disclosure of CARE ESOPs in REL annual report as part of Dr. Saluja’s compensation.
REL - total of 1.05 crore options of REL have been granted to Dr. Saluja since her appointment in February 2020 as Executive Chairperson of REL. Valued at greater than Rs. 230 crores today.
CARE - shareholders of REL are bearing the cost of excessive grants of stock options of CARE, valued at over Rs. 250 crores, where Dr. Saluja is a Non-Executive Chairperson.