Give 10 days time, appeal to RBI to sell Anil Ambani’s company


Hinduja Group company, the buyer of debt-ridden Reliance Capital (RCap), will take time to complete the acquisition process. In fact, the administrator of Reliance Capital has approached the Reserve Bank of India (RBI) and sought 10 days’ time to transfer the assets to the Hinduja Group company. Let us tell you that Reliance Capital was Anil Ambani’s company, which is drowned in huge debt.

The deadline to transfer the assets of Reliance Capital to Hinduja Group company Asia Enterprises ended on Friday. RBI had given approval for this on November 17, 2023, which was valid only for six months. Now the administrator of Reliance Capital has sought 10 days’ extension from RBI till May 27.

Deadline till 27th May

Let us tell you that according to the order of NCLT, the deadline to implement the resolution plan for the Hinduja Group company is May 27. The Mumbai bench of the National Company Law Tribunal (NCLT), while approving the resolution plan on February 27, had directed IndusInd International Holdings Limited to implement the resolution plan by May 27. The tribunal had approved a resolution plan of Rs 9,650 crore for Reliance Capital of Hinduja Group company IndusInd International Holdings Ltd.

IRDA approved

Recently, insurance sector regulator IRDAI has given conditional approval to the bid of Hinduja Group company IndusInd International for the acquisition of Reliance Capital. Recently, an IndusInd spokesperson said that we are committed to completing the acquisition as soon as possible and we aim to complete it by the NCLT deadline of May 27, 2024. Earlier, IndusInd International Chairman Ashok Hinduja had said that it will complete the deal by paying the bid amount within 48 hours of IRDAI approval.



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