Government accuses REL chairman of regulatory violations in ESOP

New Delhi, November 15 (Language) Consulting firm InGovern Research has raised the issue of shortcomings in Religare Enterprises (REL). In this, allegations of “vested interest” of company chairperson Rashmi Saluja due to excessive remuneration as well as regulatory violations have been made.

The aggregate valuation of options granted to Saluja in Religare Enterprises Ltd (REL) and its subsidiary Care Health Insurance Ltd (CARE) in the last 3-4 years is more than Rs 480 crore, InGovern said in its report. This amount is in addition to the compensation given in REL.

According to the report, CARE shares were issued to Saluja through ESOP despite IRDAI (Insurance Regulatory and Development Authority of India) approval and no approval was taken from REL shareholders for the same.

Further, there was no disclosure of CARE ESOP under Saluja’s compensation in the annual report of REL.

Questions sent by PTI to REL in this regard had not received any response till the time of writing.

Bhasha Pandey Ajay


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