Business
RBI approves Hinduja Group entity acquisition of Reliance Capital
Mumbai, Nov 18
The Reserve Bank of India 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 November 17, 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 Rs 9,650 crore to take over Reliance Capital in the second round of auction concluded this April.
The RBI on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
The 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.
12 minutes ago
PM Modi meets 101-year-old former IFS officer, gets a rousing welcome in Kuwait
29 minutes ago
'Meditation is not luxury, it's a necessity': Sri Sri Ravi Shankar at inaugural session of World Meditation Day
32 minutes ago
Mega pre-release event of Ram Charan starrer Game Changer to held in Dallas
42 minutes ago
World leaders condemn Magdeburg Christmas market car attack in Germany
44 minutes ago
Car hits Christmas market in Germany, killing at least two
59 minutes ago
US withdraws USD 10m reward for Syria's new leader following Damascus talks
3 hours ago
BRS MLAs will resign if Congress proves 24-hour power claim: KTR
3 hours ago
Trinamool Congress leader found dead at a hotel in Bengal’s Mandarmani
3 hours ago
Kejriwal announces Dr Ambedkar scholarship for Dalit students ahead of polls
3 hours ago
JEE aspirant from Bihar found hanging in Kota
3 hours ago
Canadian Prime Minister reshuffles cabinet
3 hours ago
PM Modi to begin historic Kuwait visit today; focus on labour, bilateral ties
3 hours ago
Australia: One dead, two injured in shooting in Melbourne