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The Insurance coverage Regulatory and Improvement Authority of India (IRDAI) is investigating the issuance of inventory choices in Care Well being Insurance coverage to Rashmi Saluja, the agency’s non-executive chairperson.
Rashmi Saluja, govt chairperson of Religare Enterprises (REL), is underneath the lens of the Insurance coverage Regulatory and Improvement Authority of India (IRDAI) for receiving inventory choices in Care Well being Insurance coverage. She is the agency’s non-executive chairperson.
IRDAI revealed {that a} probe into inventory choice allotment to Saluja is on in response to a question raised by Rahul Kanoj underneath the Proper to Data Act (RTI) to the insurance coverage regulator, the Financial Instances reported.
Kanoj had filed an RTI question on April 9 with IRDAI. The regulator in its response stated Care had sought its approval to grant ESOPs to Saluja on December 31, 2021. It had rejected the request from Care. Nevertheless, the medical health insurance firm allotted the inventory choices to Saluja, IRDAI added.
Care Well being had allotted inventory choices price Rs 250 crore to Saluja, representing roughly 2.5 % of the unlisted insurer’s shareholding. Proxy advisory agency InGovern stated inventory choices had been issued with an train worth of Rs 45.32 per share in January 2022, whereas in the identical yr, a rights challenge of CARE shares was priced at Rs 110 per share, ET reported.
Earlier, the Burman household, which is the biggest shareholder of Religare Enterprises, alleged that 22.7 million choices in Care have been illegally issued to Saluja.
Religare Enterprises owns Care Well being.
Burmans, promoters of Dabur, and Religare’s board led by Saluja are locked in a dispute with either side accusing one another of violating guidelines on company governance and insider buying and selling.
Earlier this month, the Burmans made contemporary complaints in opposition to Saluja about insider buying and selling violations. Months after the household accused Saluja of insider buying and selling violations in September 2023, forward of the open provide announcement, the Burman household complained to the markets regulator Securities and Change Board of India (SEBI) that Saluja possessed essential price-sensitive data, not disclosed to the inventory exchanges, earlier than she offered 2.71 million shares price Rs 43 crore between March 26 and 28.
On October 18, impartial administrators of Religare wrote a letter to regulators, together with the Reserve Financial institution of India, SEBI, and the insurance coverage watchdog, levelling allegations of fraud and different breaches in opposition to the Burmans.
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