The Reserve Bank of India (RBI) has turned down Religare Enterprises’ (REL) request to appoint former Delhi Police Commissioner and CBI Special Director, Rakesh Asthana, to its board, according to insiders.
Asthana was appointed as an additional director by REL’s board last November, pending approval from shareholders and regulators. However, the Burman family, who own a 26% stake in REL, raised concerns in March, alleging that his appointment was illegal because the required shareholder approval wasn’t obtained within the three-month deadline.
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Asthana has held many top positions, including head of the Border Security Force and Director General of the Narcotics Control Bureau. The Burman family has also filed a petition with the Delhi High Court, challenging REL’s delay in holding its annual general meeting (AGM) where the matter was to be discussed. The court case continues, with the next hearing scheduled for October 21, 2024.
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