Withdraw confidentiality breach allegations: IDBI Trustee asks Rel Capital

IDBI Trusteeship Services has asked the administrator of Reliance Capital, Nageswara Rao Y to withdraw the allegations of breach of confidentiality

Reliance Capital

New Delhi
IDBI Trusteeship Services has asked the administrator of Reliance Capital, Nageswara Rao Y. to withdraw the allegations of breach of confidentiality.
In a letter to Rao, IDBI Trusteeship Services said the allegations have been made on the basis of a media article which said IDBI Trustee has alleged that RCap CoC minutes do not accurately reflect discussions.
"At the outset we are surprised to note the contents of your email which are baseless, unsubstantiated and far from the truth. We deny the same," IDBI Trustee said in the letter to Reliance Capital administrator.
"We note that said purported allegation has been raised as the said letter supposedly refers to the concerns raised in our letter dated August 16. It is stated that merely because the said article refers to the concern raised in our aforesaid letter does not in any manner whatsoever establish or even suggest, to say the least, that the same has been published at our behest. You are strictly put to proof in this regard. On the contrary, this only reflects that your email (including the allegations made therein) have been made without taking any efforts to verify the factual position," IDBI Trustee said.
"As a reputable professional trustee company, we are diligent about the sensitivity of the information involved and are bound by the undertaking furnished by us in relation to the same. We as well as the secured party with whom we are acting as trustee, deny any breach of confidentiality being committed as alleged in your email", IDBI Trusteeship Services said.
"In view of the above position, you are being requested to kindly forthwith withdraw the allegation raised in your email," IDBI Trustee said in the letter.

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First Published: Sep 18 2022 | 2:47 PM IST

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