Madhya Pradesh High Court lifts stay on Religare Enterprises' AGM

 The court noted that the petitioner was not a shareholder in the company and was not aggrieved by the impugned order.

 The AGM was stayed by an HC order dated December 18, 2024, after the PIL filed by advocate Vijayant Mishra sought an independent commission of inquiry to monitor the acquisition by the Burman family.

 The court’s decision clears the way for the open offer by the Dabur promoters, which has already received approval from financial regulators. The success of the open offer will lead to the transfer of management control to the Burman family.

 Solicitor General Tushar Mehta, representing the Reserve Bank of India (RBI), argued that while the company was Delhi-based, the plea was filed in Madhya Pradesh. He added that the petitioner was not a shareholder in REL.

 Mehta further stated that, in the case of an intra-shareholder dispute, a PIL was non-maintainable and that the affected parties had sought remedies under the Company Law.