business ⚖️ SEBI closes case against Religare over takeover issue
SEBI has closed the case against Religare and Rashmi Saluja regarding non-cooperation with the Burman open offer. The dispute started when the Burman Group announced an open offer for REL in September 2023. Between October 2023 and June 2024, REL objected to the offer while the Burman Group complained about non-cooperation. SEBI initially directed REL to seek regulatory approvals, but the case concluded after the offer completed on February 13, 2025. The regulator found no further directions were necessary since all previous requirements were met.