The company's board of directors is opposing a takeover bid by the Burman family on grounds of alleged fraudulent transactions, even as it shields its chairperson from serious charges of poor governance
More than four years ago, most analysts had written obituaries of Religare Enterprises. The controversy-hit financial services company was under the scrutiny of regulators for major lapses in governance and its owners were arrested for fraud and embezzlement of funds. Somehow it rose from the ashes, as the new management steered a financial turnaround. But there’s fresh drama unfolding inside the boardroom once again.