Page 4 - Hinduja Group

RCap buy: NCLT directs IIHL to transfer Rs 2.7K cr to lenders in 2 days

Clarifies that interest on the money will accrue to lenders

Gulf Oil Q1 results: Net profit rises 29% to Rs 88.02 cr, revenue up 9%

Lubes maker and Hinduja Group firm Gulf Oil Lubricants India's net profit rose 29 per cent to Rs 88.02 crore in three months to June over the same period last year, the company said on Tuesday. Gulf Oil Lubricants India had posted a net profit of Rs 68.30 crore in the first quarter of FY 2023-24. Revenue from operations for the reporting quarter stood at Rs 885.07 crore, up 9.04 per cent from Rs 811.71 crore in Q1FY24, it said. It also said that the company delivered a higher EBITDA (earnings before interest, taxes, depreciation and amortization) at Rs 116.24 crore in the previous quarter as against Rs 92.78 crore, registering a year-on-year growth of 25.28 per cent in the corresponding quarter of FY24. The EBITDA margin during the period grew 170 basis points at 13.13 per cent, from 11.43 per cent last year, within the guided range of 12-14 per cent as the company increased investment in brand and customer-centric activities, Gulf Oil Lubricants India said. "Our first-quarter ...

NCLT to hear RCAP-IIHL resolution case, expected to give directions to both

The Mumbai bench of NCLT is expected to hear on Wednesday an interlocutory application filed by the Administrator of debt-ridden Reliance Capital (RCAP) seeking directions to IIHL for implementation of the resolution plan by August 10. The Administrator, through its interlocutory application filed on August 5, has also asked the NCLT to direct Hinduja Group firm IndusInd International Holdings Ltd (IIHL) to immediately transfer Rs 2,750 crore to escrow accounts designated by Committee of Creditors (CoC). As per the NCLT order dated July 23, the successful bidder, IIHL, had to comply with certain conditions by July 31, 2024. These conditions included depositing the initial equity amount of Rs 250 crore in a domestic escrow account designated by CoC and Rs 2,500 crore in an offshore escrow account again designated by the lenders by July 31. However, the Administrator alleged that IIHL deposited in the accounts of Harsha Ashok Hinduja, Shom Ashok Hinduja, and Ashok P. Hinduja. ...

Hinduja group did not deposit funds for RCap acquisition: Administrator

No default by us, says IIHL

Funds not deposited by IIHL for bankrupt Reliance Capital buy: CoC

IIHL denies any default in payment to lenders

Hindujas' RCap purchase hangs fire as deadline looms with payment on hold

The developments came just a day before the July 31 deadline to pay the equity amount

From Ambanis to Hindujas: Top 10 most extravagant weddings of all time

According to media reports, the estimated costs of these weddings start from Rs 100 crore and go up to Rs 700 crore

Swiss court clears Hinduja family members of human trafficking charges

The complainants in the case withdrew their allegations, stating in court that they had been misled into signing statements they did not even understand

Hinduja Family: British-Indian Business Dynasty with Global Impact

The Hinduja Group, valued at $20 billion, operates across 11 sectors worldwide

Hindujas appeal against Swiss court's jail term order for exploiting staff

Britain's wealthiest family, the Hindujas, on Friday said they were appalled by a Swiss court's ruling of jail terms for some members in Geneva and that an appeal has been filed in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers. In a statement issued on behalf of the family, lawyers from Switzerland stressed their clients Prakash and Kamal Hinduja, both in their 70s, and their son Ajay and his wife Namrata had been acquitted of all human trafficking charges. They also dismissed media reporting that any members of the family faced detention after court reports from Geneva said the four were sentenced to between four and four-and-a-half years in prison. Our clients have been acquitted of all human trafficking charges. We are appalled and disappointed by the rest of the decision made in this court of first instance, and we have of course filed an appeal to the higher court thereby making this part of the judgement not effective, ..

Hinduja Foundation expands CSR focus on education and water security

A Swiss criminal court on Friday sentenced four members of the wealthy Hinduja family with between four and 4 1/2 years in prison for exploiting their vulnerable domestic workers. The court at the same time threw out the more severe charges of human trafficking. None of the four family members were in court in Geneva though a fifth defendant - the family's business manager - was on hand. He received an 18 months suspended sentence.

Hinduja Group planning to raise Rs 7,300 cr to partly fund RCap buy

It has mandated Barclays Plc and 360 ONE as arrangers and underwriters for the issuance, the people said, asking not to be identified as the discussions are private

Hinduja Group starts bond sale process to fund buying Reliance Capital

It has mandated Barclays Plc and 360 ONE as arrangers and underwriters for the issuance, the people said, asking not to be identified as the discussions are private

'Spent more on dog than staff': Billionaire Hindujas accused of trafficking

The trial got underway on Monday after four members of the Hinduja family were indicted last year by Geneva prosecutors for alleged human trafficking and mistreatment of their domestic staff

Human trafficking case: Nanny like second mum to family, says Ajay Hinduja

He said he wanted to thank the woman for her work for the family, adding that she's still in touch with his kids and sends them Diwali greetings by phone

Without incentives, people won't see reason to buy EVs: Dheeraj Hinduja

Hinduja talks about the company's expectations from the new government, as he outlines the strategy in the light commercial vehicles (LCV) category and Switch Mobility funding

Reliance Capital seeks 10-day extension to transfer assets to Hinduja group

The administrator of debt-ridden Reliance Capital (RCAP) has approached the Reserve Bank to seek a 10-day extension of the deadline to transfer businesses to a successful bidder -- a Hinduja Group company, sources said. The deadline for the transfer of Reliance Capital's asset to Aasia Enterprises, a Hinduja Group company, ended on Friday, they added. The RBI approval granted on November 17, 2023, was valid for only 6 months. The RCAP Administrator has sought an extension of 10 days till May 27 from the RBI, sources said. It may be mentioned that May 27 also happens to be the deadline for the implementation of the resolution plan by the Hinduja Group company as per the NCLT order. The National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed IndusInd International Holdings Ltd to implement it within 90 days ending May 27. The tribunal had approved Hinduja Group firm IndusInd International Holdings Ltd's Rs 9,650-crore resolution pla

Hindujas' Reliance Capital buy faces further delay; matter pending in SC

Matter pending in Supreme Court; group firms to pay Rs 9,661 crore to lenders only after all the clearances

Hinduja led IIHL gets Irdai's nod for acquisition of Reliance Capital

The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances, says IIHL spokesperson

Hinduja rejigs consortium to acquire cash-strapped Reliance Capital

New structure will help meet FDI ceiling of 74% for insurance sector