Kedaara Capital votes against Saluja’s reappointment as resolution passes with majority | Mint

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- Kedaara Capital voted against the reappointment of Rashmi Saluja as a director on the board of Care Health Insurance. - Kedaara Capital cited "commercial reasons" for their decision. - Religare Enterprises, the majority stakeholder in Care Health Insurance, voted in favor of Saluja's appointment. - The Burman family sent a letter to the Care board calling for the removal of Saluja as a director due to ongoing investigations by the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi). - The investigations led to an FIR against Saluja for alleged cheating and criminal conspiracy. - Additional independent director on Care Health's board, Pratap Venugopal, stated that an investigation by ED or Sebi does not automatically disqualify a director from being reappointed. - Care Health Insurance maintains that there is no legal cause to remove Saluja based on the investigations against her. - The parent company, Religare, had previously moved to postpone its own AGM to December, causing dissatisfaction among shareholders. - Care Health Insurance is expected to go public and is valued at least ₹10,000 crore. - The company's board and the insurance regulator are in disagreement over granting Esops to Saluja, which has resulted in fines and an ongoing case in the Securities Appellate Tribunal (SAT).