Quick Summary: Dr. Rashmi Saluja, a key figure at Religare Enterprises Limited, is facing serious accusations of mishandling money. The Bombay High Court rejected her requests to cancel the police reports related to money misuse and company cheating.
On September 6, 2024, a police report (No. 355 of 2024) was filed against Dr. Rashmi Saluja, the Executive Chairman of Religare Enterprises Limited (REL). The report was based on claims of mishandling money and cheating within the company. Dr. Saluja tried to get the report canceled in the Bombay High Court.
The case started with a complaint by Vaibhav Jalinder Gawali, a public shareholder of REL, on November 11, 2023. He accused former directors of REL, including Malvinder and Shivender Mohan Singh, of working with the Burman family to take over the company in a dishonest way. The complaint mentioned a plan to cancel money that could be recovered and mess with share ownership.
The Directorate of Enforcement (ED) registered a case under the law against money misuse, 2002. They searched Dr. Saluja's properties and froze her Employee Stock Ownership shares. The investigation showed that Dr. Saluja supposedly gave money to Gawali to buy REL shares and file the complaint.
Dr. Saluja defended herself, pointing out her role in improving REL's financial health. She said the stock options were given based on company rules and approved by the board. However, the Insurance Regulatory and Development Authority of India (IRDAI) rejected the stock options, saying they broke the rules.
The court listened to arguments from both sides. Dr. Saluja's lawyer said the police report was based on wrong ideas and had no basis. The ED, however, showed evidence of money gains and planning. On January 23, 2026, the court, led by Chief Justice Shree Chandrashekhar, rejected Dr. Saluja's requests, allowing the investigation and charges to continue.
The court decided that the accusations against Dr. Saluja are serious enough to keep looking into them. The case is still ongoing and could have important outcomes for everyone involved.
"The accusations against Dr. Saluja are serious, involving planning and money misuse, needing a thorough investigation," noted the court.
