Page 6 - Auction

Reliance Cap lenders to meet on Friday to take call on Hinduja Group bid

Lenders of debt ridden Reliance Capital (RCap) will meet on Friday to take a call on Hinduja Group firm's bid to acquire the financial services firm. IndusInd International Holdings Ltd (IIHL), a Hinduja Group firm, emerged as the highest bidder with an offer of Rs 9,650 crore in the second round of bidding concluded on Wednesday. IIHL is slated to make a presentation to the lenders on its resolution plan on Friday, sources said. IIHL was the sole bidder in the second round of auction of Reliance Capital, as Torrent Investments and Oaktree decided not to participate in the auction. In addition to the Rs 9,650 crore bid, the IIHL has also offered Rs 300 crore capital infusion into Reliance General Insurance, and another Rs 50 crore for the items excluded under section 66 of the Insolvency and Bankruptcy Code, 2016 (IBC). This takes the total value of IIHL's bid to Rs 10,000 crore and it has expressed intent to pay entire bid amount upfront. The total value of IIHL's bid is around

Trials for Coal India's in-house e-auction platform to begin in May

Trials for Coal India's in-house e-auction platform will begin in May, a senior official said on Thursday. At present, the e-auctions are conducted through external agencies such as MSTC Ltd and mjunction Ltd. Within the next three-four months, all e-auctions of the state-owned Coal India will move to the in-house platform, which has been developed by the National Informatics Centre (NIC) with the assistance of Central Mine Planning & Design Institute, the official said. "We expect to begin trials of the in-house platform in the first or second week of May with the e-auction of coal from Central Coalfields Ltd. The next one will be Bharat Coking Coal Ltd (BCCL) in the second phase of the trials," a senior Coal India official said. The total coal sold via e-auction per year is around 100 million tonne or about 15 per cent of the production, while the rest is sold through linkages. Coal India fetches a significantly higher price on the coal sold through e-auction, he said. In ...

Hinduja lone bidder for RCap in second auction, offers Rs 9,650 cr

Upfront payment proposed; Torrent, Oaktree skip

Singer Freddie Mercury's never-seen possessions to be auctioned in UK

A collection of never-before-seen personal possessions from the London home of Freddie Mercury, the British singer-songwriter of Indian Parsi descent, will go on a world tour-cum-exhibition followed by six auctions, Sotheby's auction house announced in London on Wednesday. Mercury, who was born Farrokh Bulsara and spent his childhood in India, where he went to boarding school at Panchgani, lived much of his adult life at Garden Lodge in Kensington, west London. One of the highlight lots of the upcoming auction includes Mercury's crown a replica of the St. Edward's Crown to be worn by King Charles III in the forthcoming Coronation on May 6 which will go on display in Sotheby's New Bond Street windows in London from Wednesday. The flamboyant lead vocalist of the band Queen, who died aged 45, was an avid collector, and his cherished London home was preserved almost as it was by his closest friend and ex-girlfriend Mary Austin since his death over 30 years ago. For many years now, I

Lenders of Reliance Capital to meet on Monday to consider bidders' concerns

Ahead of the second round of auction scheduled on April 26, lenders of debt-ridden Reliance Capital (RCap) will meet on Monday to resolve concerns raised by bidders, sources said. Both the potential bidders, Torrent Investment and IndusInd International Holdings Ltd (IIHL) of Hinduja Group, have expressed multiple reservations on the proposed auction and its terms and conditions. According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction. The COC is likely to meet again on Monday to address the concerns of bidders. Both the bidders want finality, certainty, transparency, no negotiation in value or on terms and conditions, after the second round of auction is over, they said. The two largest lenders of Reliance Capital -- Employees' Provident Fund Organisation (EPFO) and LIC are against giving any

Lenders of Reliance Capital fix Apr 26 as new date for second auction

As per the earlier schedule, it was to be held on April 11

Reliance Cap second auction postponed again; new date to be decided soon

Lenders of debt-ridden Reliance Capital (RCap) have postponed again the second auction proposed to be held on Tuesday, sources said. However, no new date has been decided yet, sources said, adding, it may be finalised in a week or two. Last week, lenders postponed the second auction to April 11. According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. The major concern of the bidders is the compliance of resolution plans with the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP), guidelines, as in the first round of auction, the Hinduja Group firm submitted the bid post-auction. This bidding post-auction is being contested by Torrent Investment in the Supreme Court as it was the highest bidder as per the auction. The Committee of Creditors (CoC) also has to incorporate the Supreme Court order in th

Vehicles' auction by police department will be done online: CM Khattar

Haryana Chief Minister Manohar Lal Khattar announced on Sunday said the auction of condemned and other vehicles by the police department would be done online. Addressing a "Jan Samvad" programme in Kharak Kalan village in Bhiwani, the chief minister said an order for it will be issued soon, according to an official statement issued here. During the programme, a villager requested the chief minister to initiate online auction of vehicles by the police department. The chief minister accepted the request and made the announcement. Speaking on the occasion, Khattar said that to prevent migration of people from villages to cities, all facilities that are available in cities in terms of education, health, transport, etc, would be provided in villages and colonies as well. He said the state government has approved the demand of the villagers for a community centre in the village. The chief minister announced a financial assistance of Rs 50,000 from his personal fund for medical treatment

Reliance Capital lenders to go for 2nd auction on Apr 4 to maximise return

Lenders of debt-ridden Reliance Capital (RCAP) on Monday decided to go for a second auction on April 4 in their bid to maximise recovery as part of the resolution process, sources said. According to sources, IndusInd International Holdings Ltd (IIHL) of Hinduja Group on Monday told the Committee of Creditors (CoC) it will retain the earlier bid of Rs 9,000 crore upfront cash. The 38th meeting of the CoC on March 23, 2023 was adjourned and the adjourned meeting was subsequently held today i.e. Monday, RCAP said in a regulatory filing. For a fresh round of bidding, CoC decided to set the base bid at Rs 9,500 crore on a Net Present Value basis, with a minimum cash component of Rs 8,000 crore. Earlier, the Supreme Court on March 20, 2023, admitted the appeal of Torrent Investments -- the highest bidder with Rs 8,640 crore resolution plan -- against the lenders' decision to hold another round of auction. The SC has permitted the lenders to go-ahead with further action as per the Nation

SC to hear Torrent plea against NCLAT allowing 2nd RCap auction on March 20

The second-round auction, scheduled for March 20, will not take place now, further delaying the resolution process of RCAP

Government sells 1,188,000 tonnes wheat in fifth round of auction

The sale has brought significant effect in cooling down the price of wheat and atta all over the country

Torrent moves SC against NCLAT order on auction of Reliance Capital assets

The lenders' of RCap have decided to hold the second round of e-auction, following the NCLAT order, on March 20

Reliance Capital lenders seek Rs 8k-crore upfront cash for second auction

Minimum bid amount fixed at Rs 9,500 crore

RCap resolution: NCLAT allows lenders' plea for another round of bidding

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...

FCI sells 540,000 tonnes of wheat under OMSS in 4th round of auction

State-run Food Corporation of India (FCI) sold 5.40 lakh tonnes of wheat to bulk consumers like flour millers in the fourth round of e-auction held on Wednesday. In the previous three rounds, about 18.05 lakh tonnes of wheat was sold under the Open Market Sale Scheme (OMSS) to bulk users as part of steps to cool down retail prices of the foodgrain and wheat flour. The next weekly e-auction will be held on March 8. "Total quantity of 11.57 lakh tonne wheat was offered and 5.40 lakh tonne wheat has been sold to 1,049 bidders in 23 states," an official statement said. Wheat was sold at an all-India weighted average reserve price of Rs 2,137.04 per quintal during the 4th auction. Maximum demand was for wheat quantities in the range of 100 to 499 tonnes, it added "The overall price quoted during the auctions suggests that the market has cooled down and is below Rs 2,200 per quintal on average," the statement noted Till February-end, about 14.35 lakh tonne wheat was lifted by bidders.

Nearly 635 hectares on auction menu for investors in Uttar Pradesh

The land, equalling nearly 888 Olympic soccer stadiums, has been identified in the urban pockets for allotment to investors

Government auctions 500,000 metric tonnes of wheat for Rs 2,172 per quintal

An amount of Rs 1,086.1 crore was realised during the third e-auction.AThe fourth e-auction would be held on March 1

Govt to auction 27 more coal mines starting February 27

The coal ministry on Wednesday said that 27 coal mines would be put on sale in the next round of commercial mines auction starting from February 27. The auction process for 141 coal and lignite mines was launched by the coal ministry in November last year. "After completion of technical evaluation, 27 coal mines which received more than one bid, will be put up for forward auction from Monday, February 27, 2023 onwards," the ministry said in a statement. In a bid to familiarise bidders with the auction process, mock e-auction will be conducted on February 24. According to the statement, the ministry launched the 6th round and 2nd attempt of 5th round of commercial coal mines auctions on November 3, 2022, which received unprecedented response from industry. "96 bids were received for 36 coal mines, including participation from many first time bidders, reflecting the enthusiasm among the bidders and the positive sentiment about coal mining sector," it added.

Nirav Modi's Firestar Diamond International's jewellery e-auction on Mar 25

Gold, platinum, diamond and jewellery of Firestar Diamond International, owned by fugitive diamantaire Nirav Modi, will go under the hammer on March 25, according to a sale notice. The sale notice has been issued by Santanu T Ray, who was appointed as a liquidator of Firestar Diamond International Private Limited by the Mumbai bench of the National Company Law Tribunal (NCLT) in February 2020. The affairs of the company is managed by Ray. The sale of gold, platinum and diamond jewellery will take place through e-auction on March 25, as per the notice. The reserve price of the items to be auctioned will be declared on the date of the auction. According to the e-auction document, the inventory includes finished jewellery, loose diamonds and colour stones, semi-finished jewellery, gold, platinum and silver. The liquidator has engaged Gemmological Institute of India to determine the value of the precious items. As on the liquidation commencement date, Nirav Deepak Modi and Haresh Vr

FCI to offer 1.17 MT wheat to bulk consumers in 3rd e-auction on Feb 22

State-run Food Corporation of India (FCI) will offer 11.72 lakh tonnes of wheat to bulk consumers like flour millers during the third e-auction to be held next week, the food ministry said on Saturday. FCI plans to sell 25 lakh tonnes of wheat to bulk consumers under the Open Market Sale Scheme (OMSS) till March-end as part of the government's measure to check rise in domestic prices. In the last two weekly e-auctions, about 12.98 lakh tonnes wheat was sold, out of which 8.96 lakh tonnes has already been lifted by the bidders which has resulted in cooling down of retail prices of wheat and atta. In a statement, the food ministry said FCI will offer 11.72 lakh tonnes of wheat from 620 depots across the country during the third e-auction to be held at 11 am on February 22. Bidders, who have registered themselves on the e-portal of M-Junction by 10 pm on February 17, will be allowed to participate in the e-auction on February 22, it said. The last date for deposit and uploading of ..