Bombay High Court notes ₹179.54 crore unlawful gains in Religare ESOPs

Who it concerns: Religare Enterprises Limited, Ms. Rashmi Saluja, Mr. Malay Kumar Sinha, Mr. Hamid Ahmed, Mr. Praveen Kumar Tripathi, Mr. Ranjan Dwivedi, and Ms. Preeti Madan.

What SEBI found or ordered

• SEBI alleged that REL and its directors violated Regulation 26 of the SAST Regulations and Regulation 4(2)(a), (d), and (f) of the LODR Regulations by failing to cooperate during the open offer.
• The Interim Order directed the noticees to apply to regulatory authorities (including RBI) for statutory approvals within seven days of the order (by July 12, 2024) and to constitute a Committee of Independent Directors.
• The order notes that the open offer was completed on February 13, 2025, and the Acquirers were reclassified as Promoters on February 18, 2025.
• Ms. Rashmi Saluja ceased to be Executive Chairperson of REL with effect from February 07, 2025.

Also in the document

• The document text provided is truncated and does not contain the final conclusion or penalty imposed by SEBI in this specific order.
• The order references a Bombay High Court order dated January 23, 2026, which noted unlawful gains of approximately INR 179.54 crores through ESOPs and diversion of INR 192 crores of REL funds.
• The order mentions that Ms. Rashmi Saluja was found by SEBI to have violated insider trading regulations in a separate matter.