RBI Approves Hinduja Group Entity Acquisition of Reliance Capital
IANS 20 November 2023
The Reserve Bank of India (RBI) approved the resolution plan for debt-ridden Reliance Capital on Friday.
The move finally clears the path for Hinduja Group entity—IndusInd International Holdings Ltd (IIHL)—to acquire the company.
"This is to inform you that the Administrator of Reliance Capital Limited is in receipt of 'No objection' vide letter dated 17 November  2023, from the Reserve Bank of India," the company said in a regulatory filing.
After a protracted battle, IIHL had emerged as the highest bidder with an offer of Rs9,650 crore to take over Reliance Capital in the second round of auction concluded this April.
RBI on 29 November 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
RBI appointed Nageswara Rao Y as the administrator in relation to the corporate insolvency resolution process (CIRP) of the company.
Reliance Capital is the third large non-banking financial company (NBFC) against which RBI had initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The central bank, subsequently, filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
2 weeks ago

what position of minority share holder after this order ?

Lalit shah
Qatar slaps Rs239 crore tax penalty on L&T
IANS 20 November 2023
India’s construction and engineering giant Larsen & Toubro (L&T) has been slapped with two penalties of Rs 111.31 crore and Rs 127.64 crore by Qatar's income tax authorities for alleged variation in the income declared by the...
When Banks Undermine Government's Effort To Provide a Safety Net by Stealing Depositors' Money
Sucheta Dalal, 17 November 2023
Dear Finance Minister:
I am writing to bring to your attention the fact that public sector banks (PSBs) are undermining the government’s effort to provide security to the economically underprivileged through a series of...
ASCI Issues Draft Guidelines for Environmental Claims, Greenwashing in Advertising
Moneylife Digital Team 17 November 2023
The Advertising Standards Council of India (ASCI) has proposed guidelines for transparency and accountability in environmental claims-based advertising. Developed by a multi-stakeholder task force, including environmental experts,...
RBI Cancels Registration of 2 NBFCs, while 4 NBFCs and 2 HFCs, including HDFC Surrender Certificates
Moneylife Digital Team 17 November 2023
As many as four non-banking financial companies (NBFCs) and two housing finance companies (HFCs) have surrendered their certificates of registration (CoR) to Reserve Bank of India (RBI) for various reasons. Separately, RBI has...
Free Helpline
Legal Credit