Non-banking financial company Religare Enterprises Ltd (REL) on Thursday (February 13) announced that Rashmi Saluja has ceased to be the Executive Chairperson and Director of the company following a shareholder vote at its 40th Annual General Meeting (AGM) on February 7, 2025.

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Ninety-seven percent of votes were cast against her reappointment, the company informed.

"...this is to inform you that the Company’s 40th Annual General Meeting (AGM) was held on February 7, 2025. One of the agenda item (Item No. 2) as per the AGM Notice approved by the Board of Directors of the Company was w.r.t. the reappointment of Dr. Rashmi Saluja, the Executive Chairperson of the Company and the only Non-independent Director on the Board of REL.

As per the report of the scrutinizer, the number of votes cast against the resolution was 97...% percent," Religare Enterprises said in a regulatory filing.

As an NBFC, REL is governed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The company had sought clarification from RBI on whether prior approval was required for her exit under the Core Investment Companies (Reserve Bank) Directions, 2016. Upon receiving RBI’s response on February 13, 2025, Saluja ceased to hold her position in the company.