Well, things just got spicy at Care Health Insurance! 🎬 Kedaara Capital, holding a solid 16% stake, came in with serious vibes and voted against the reappointment of Rashmi Saluja, the queen bee of Religare Enterprises. But guess what? The resolution still passed, and the board was like, “Not today!” 😎
What’s the Tea? 🫖
- Kedaara’s ‘Nope’ Moment: Word on the street is Kedaara’s decision was all about those “commercial reasons” – they even got a legal squad involved. No hasty moves here.
- Burman Fam Stirring the Pot: On top of that, the Burman family (the biggest shareholders in Religare) dropped a bombshell, trying to boot Saluja from the Care Health board. Why? Apparently, there’s some drama with the Enforcement Directorate (ED) and SEBI investigations hanging over her head. 😬
- FIR Drama Alert: The ED even filed an FIR against Saluja, saying she and others were playing dirty by filing false cases against the Burmans. Oh, and they also threw in allegations of cheating and criminal conspiracy for extra spice. 🌶️
- Independent Director’s Mic Drop: But wait—there’s more! Pratap Venugopal, a bigwig at Care Health, came through, saying the Burman fam’s letter had no legal backbone. He straight-up said, “ED and SEBI investigations? Nah, that doesn’t mean she’s outta here.”
- Religare Backs Their Girl: Despite Kedaara’s salty stance, Religare Enterprises (with their hefty 63-64% stake in Care) gave Saluja a big thumbs-up. A Care Health spokesperson was all, “We’ve looked into it, and we’re keeping her. No drama here.” 🎤 Drop.
What’s the Real Deal? 🤔
So, here’s where it gets juicy. Religare’s been caught in this wild tug-of-war with the Burmans, who are trying to take over the whole thing. But Religare’s board isn’t having it, resisting the move like a soap opera twist. 🌪️
And, to top it off, Care Health is about to go public (cha-ching! 💸) with a valuation of ₹10,000 crore! That’s some serious cash, and they recorded a whopping 33-51% growth in premiums in 2023-24. But there’s still beef with the insurance regulator over Saluja’s Esops (those sweet employee stock options). The regulator isn’t happy, and the case is chilling at the Securities Appellate Tribunal (SAT) waiting for judgment.
TL;DR – The Plot Thickens 🍿
Corporate drama? Check. Big bucks on the line? Check. Boardroom battles? Double check. Looks like Care Health’s soap opera is far from over, and the next season’s already looking lit.