The Procedure is like this : Company first apply for name availability at Ministry of Corporate Affairs, once taken, an application for prior approval is made to RBI with letter of mca, asking for name change. Here Shareholders approval is required only after approval from RBI not before so question of shareholders approval wont come here as application must have been rejected by RBI. I am pretty much sure that Religare must have either applied or was process of applying for name change, as we say there is no smoke without fire. With regard to selling, yes it looks fishy but seen in many such companies employees selling shares, cant comment. Technically speaking stock gone bearish mode below 142 levels and going towards at 122-120 levels in coming day probably. Me too invested at lower levels and betting on new management. All my ears are on care IPO now.
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