Dabur's Burmans won an 18-month siege and took control of Religare in 2025

Religare Enterprises, a Delhi-based financial services firm with a history of governance troubles, drew the Dabur Group's Burman family as its largest shareholder. In September 2023, having reached a 25% stake, the Burmans made an open offer to buy a further 26% at Rs 235 per share.

Religare's board, led by chairperson Rashmi Saluja, fought the offer — arguing the price undervalued the company and questioning in regulatory filings whether the Burmans met 'fit and proper' criteria. The dispute ran through the Securities Appellate Tribunal and other courts for nearly 18 months.

After the RBI and SEBI cleared the offer in December 2024, the Burmans launched it in January 2025 and fended off a counter-offer from US-based businessman Digvijay Gaekwad, who failed to deposit Rs 600 crore the Supreme Court required. Shareholders meanwhile voted Saluja out. In February 2025 the Burmans were designated promoters, promising to 'instil stability, strengthen governance, and drive sustainable growth.'

Control of a listed financial-services group spanning insurance and lending; the family pledged to rebuild governance after an 18-month fight that ousted the chair

The Burmans reached the 25% trigger before launching a formal open offer, making their intent unmistakable and regulated.

They answered the 'fit and proper' challenge by pointing to their regulated insurance and NBFC businesses.

They outlasted the board through SAT, SEBI and RBI approvals instead of withdrawing under pressure.

A rival counter-offer collapsed when its backer could not fund a Rs 600-crore court-ordered deposit.

Shareholders removed chairperson Rashmi Saluja, ending the board's ability to resist.

Patient capital plus regulatory credibility can take control of a company whose own board resists — the offer that survives every regulator and court usually wins in the end.

With the takeover complete in February 2025, the Burman Group said its immediate priority was stability, governance and sustainable growth at Religare, whose businesses span insurance broking, lending and asset management. The family said it would apply the same disciplined, high-governance approach it used in its other financial ventures.