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## Burman Family Warns legal Action Against Care Health Insurance Board

The Burman family has issued a warning of potential legal action against the board of Care Health Insurance if it fails to stop chairperson Rashmi Saluja from cashing out her Esops.

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## Cash-Rich Care Health Faces Challenges

Care Health, the largest subsidiary of Religare Ltd, is at the center of a dispute between the Burman family and Saluja. The open offer made by the Burmans was initially welcomed but later rejected by the Religare board, leading to a series of accusations and counter-accusations.

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## Concerns Over Stock Options Issued to Saluja

The Burman family investment firms expressed concerns over the grant of 22.7 million stock options to Saluja, especially after the rejection of the proposal by the Insurance Regulatory and Development Authority of India (Irdai). They have warned the Care Health board against further equity shares issuance to Saluja.

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## Ownership and Allegations

The Burman family, holding a significant stake in Religare through various firms, alleged that Saluja was monetizing the Care Health stock options illegally. They demanded a halt to the trading of Saluja’s equity shares and threatened legal action against the board if their demands are not met.

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## Responses and Ongoing Conflict

In response to the Burmans’ claims, Religare defended the actions of the Care Health board, stating that the ESOPs granted to Saluja complied with all legal requirements. The conflict between the parties continues, with each side accusing the other of malicious intent and improper conduct.

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## Potential Market Impact and Future Developments

The conflict between the Burmans and Care Health board has wider implications for the market, with allegations of stock price manipulation and breach of regulatory standards. The situation is still evolving, and the outcome could significantly impact shareholder value and corporate governance practices.

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