Shareholders of Religare Enterprises have rejected two resolutions proposed by the company, amid an ongoing tussle between chairperson Rashmi Saluja and largest shareholder — the Burman family.
The two special resolutions — one seeking an approval to invest up to Rs 15 crore in MIC Insurance Web Aggregator, and the other to amend the Articles of Association (AoA) —required at least 75% of votes in favour.
However, according to the scrutiniser’s report, the two special resolutions were opposed with 74% and 32% votes.
“We wish to inform that the votes polled in favour of the aforesaid special resolutions did not cross the requisite threshold required for approval of the same,” Religare Enterprises said in a stock exchange update.
Earlier, proxy advisory firm InGovern Research Services had asked shareholders to vote against the subscription of securities of MIC Insurance Web Aggregator, a subsidiary of Religare. InGovern had said the company had not disclosed any details regarding the financials and the valuation of MIC.
Further, details of the funding requirement by MIC and its current debt service records were also not available. Religare Enterprises, the parent company, had not put on record anything to demonstrate synergy between MIC and the existing Religare insurance broking business, it said.