There is a problem in the sale of Anil Ambani’s company, trading of shares worth ₹ 11 is stopped.


Reliance Capital: The case of sale of bankrupt Anil Ambani’s Reliance Capital (RCap) is getting stuck. In fact, the company’s lenders have filed an affidavit before the National Company Law Tribunal (NCLT). It has opposed the 90-day extension sought by Hinduja Group-owned IndusInd International Holdings Limited (IIHL) to implement its resolution plan. Let us tell you that IIHL has bought RCap. Let us tell you that trading of Reliance Capital has been closed for the last several months. The last price of the company’s share was Rs 11.79.

What is the matter?

Let us tell you that on February 27, the Mumbai bench of NCLT had approved the debt resolution plan presented by IndusInd International Holdings Limited (IIHL) for Reliance Capital. IIHL had presented a resolution plan of Rs 9,650 crore. In November, 2021, the Reserve Bank of India dissolved the board of directors of Anil Ambani group company Reliance Capital due to irregularities. Along with this, Nageshwar Rao Y was appointed administrator.

Reliance Capital had a debt of over Rs 40,000 crore and four applicants had initially bid with resolution plans. However, these resolution plans with lower bid prices were rejected by the Committee of Creditors. After this, the second round of bidding took place in which Torrent Investments also participated along with IIHL.

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IRDA had also given approval

Insurance sector regulator IRDAI has given conditional approval to the bid of Hinduja Group company IndusInd International Holdings Limited (IIHL) for the acquisition of Reliance Capital. An IIHL spokesperson said, “We are happy to receive the approval from IRDAI tomorrow (May 10, 2024) on the auspicious occasion of Akshaya Tritiya. The approval is subject to certain regulatory, statutory and judicial approvals/compliances.” The spokesperson said IIHL is committed to completing the acquisition as quickly as possible and aims to close by the NCLT deadline of May 27, 2024.



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