InGovern raises concerns on regulatory lapses at Care Health Insurance

Proxy advisory firm InGovern Research has raised concerns over serious lapses in Care Health Insurance, a subsidiary of Religare Enterprises. InGovern said that any governance lapses and regulatory breaches surrounding the grant of ESOPs worth over ₹400 crore to Dr Rashmi Saluja, Chairperson of Religare Enterprises and Non-Executive Director at CHIL, should be clawed back. “If IRDAI regulations were breached, shareholders deserve transparency on clawback status of ESOPs from Dr Rashmi Saluja and the clawback of fees paid to advisors,” it said. The Board should disclose all communication with IRDAI regarding the ESOP grant and the rationale for proceeding despite regulatory rejection, said the InGovern report.​