Dabur's Burmans fire fresh salvo at Religare's Saluja

This is the second time the Burman family, the largest shareholders of Religare, has accused Saluja of insider trading violations. In September, the Burmans accused Saluja of insider trading ahead of the announcement.

Burmans and the firm's board led by Saluja are locked in a dispute with both sides accusing each other of violating rules on and insider trading.

According to the latest complaint to Sebi, Burmans alleged Saluja was aware that the board of directors of the financial services firm on March 21 notified the Burman family that it had "noticed grave concerns against them that cast a serious doubt on whether the incoming acquirers (Burman Family) would meet the fit and proper criteria".

Such a conclusion by Religare's board constitutes "material information", it said.

"Rashmi Saluja was aware of such material information but chose not to publish it and then proceeded to trade in the securities market," the letter added.

The Burmans also stated in their complaint that if such information had been made public, it would have depressed Religare's share price. They alleged that Saluja had the urge to capitalise on the opportunity and make undue profits from the trade.

Email queries sent to Religare, Sebi and the Burman family did not elicit any response until press time.

The Burmans have urged Sebi to conduct an investigation into the trades undertaken by Saluja and ban her from the securities market.

Religare shares have declined 7% in the last three months compared to a 1.4% gain in the .

Earlier in November, the Burman family, in a complaint to Sebi, alleged that Saluja sold 1.29 million shares worth ₹34.71 crore on September 21-22 after a representative of the Burmans informed her of the family's intention to make an open offer to acquire control of the company on September 20.

The Burman family had, through various entities, accumulated a 21.5% stake in Religare by August last year. In September, it bought another 5.27% stake, triggering a mandatory open offer to buy an extra 26% stake from the public shareholders. The open offer was made at ₹235 per share on September 25.

On October 18, independent directors of the company wrote a letter to regulators, including the , Sebi, and the insurance watchdog, levelling allegations of fraud and other breaches against the Burmans.

Recently, Religare moved the against the Sebi for its alleged inaction on the complaints made against the Burman family.