Reliance Capital

RCap lenders withdraw petition against IndusInd International at NCLAT

Lenders of debt-ridden Reliance Capital have withdrawn petition filed against IndusInd International Holdings Ltd (IIHL) before appellate tribunal NCLAT. The Committee of Creditors (CoC) of Reliance Capital has informed NCLAT that the resolution plan was completely implemented by IIHL with the transfer of complete payment amounts in terms of the resolution plan. The CoC sought permission of the National Company Law Appellate Tribunal to withdraw its appeal filed against the NCLT order, in consideration of the completion of the implementation of the resolution plan by IIHL. While allowing CoC's application for withdrawal, NCLAT noted counsel appearing for the administrator as well as IIHL had no objection towards this. "In the circumstances, the said application stands allowed. Accordingly, the appeal is disposed of as withdrawn. Pending applications, if any, are also disposed of," said a two-member bench comprising Justice Yogesh Khanna and Ajai Das Mehrotra in its order passed on

IIHL takes control of Reliance Capital, puts new board members in place

IndusInd International Holdings Ltd (IIHL) on Wednesday took control of Reliance Capital (RCAP), completing a three-year resolution process after paying off the debt-ridden firm's lenders. IIHL has taken over the board of the RCAP and its subsidiaries, and the first meeting of the new board was held on Wednesday, sources said. According to sources, new board members include Moses Harding John and Arun Tiwari as approved by the Reserve Bank of India (RBI). With this acquisition, IIHL gains control over about 40 entities, including key subsidiaries like Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Securities, and Reliance Asset Reconstruction. The company aims to establish bancassurance ties and implement digitization across these subsidiaries. "Now, with this acquisition, we are entering the insurance business in addition to banking. We also took a 60 per cent stake in Invesco's mutual fund business, and once approvals are in place, we will have a complete ..

NCLT grants 8-day extension for Reliance Capital's ownership transfer

The National Company Law Tribunal (NCLT) on Wednesday gave additional eight days to all parties to complete procedural issues for the ownership transfer of debt-ridden Reliance Capital (RCAP) to IndusInd International Holdings Ltd (IIHL). The Mumbai-bench of NCLT heard the matter and a joint status update was given by the committee of creditors, administrator, and IIHL on the progress of the implementation of the resolution plan. The NCLT advised all parties to ensure completion of the implementation process by March 20, while granting the extension and posted the matter for further hearing on March 25, 2025. The procedural documentation and filings for the last leg of the transaction for the remaining Rs 4,500 crore is under process. However, due to the upcoming banking holidays, a seven-day extension was considered appropriate by all parties. With this acquisition, IIHL intends to expand its banking, financial services, and insurance (BFSI) portfolio. In April 2023, IIHL emerged

IIHL's Rs 5,600 crore payment paves way for Reliance Capital acquisition

The payment comes ahead of a scheduled hearing on March 12 at the National Company Law Tribunal (NCLT) in Mumbai

NCLT asks RCAP lenders to complete all procedural issues by Mar 12

The National Company Law Tribunal (NCLT) has directed lenders and monitoring committee to complete all procedural issues by March 12 for the ownership transfer of debt-ridden Reliance Capital (RCAP) to IndusInd International Holdings Limited (IIHL). The Mumbai-bench of NCLT on Wednesday heard the matter related to the resolution process of RCAP and asked all parties to complete all pending procedural aspects before the next hearing on March 12. An IIHL spokesperson said that IIHL voluntarily offered to release Rs 2,750 crore in equity capital into Reliance Capital's account to demonstrate its commitment to completing the transaction. The tribunal accepted the proposal. The Court directed all stakeholders, including the Committee of Creditors, Monitoring Committee, IIHL, and the Administrator, to complete all outstanding procedural formalities by March 12, the spokesperson added. Since the last hearing of NCLT on February 10, seven meetings of the Monitoring Committee were held on .

RCap lenders accuse IIHL of using delaying tactics, firm denies allegations

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought. It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024. The message sent to IIHL for comments on the issue did not elicit response till the filing of the story. According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending. DIPP approval is required as some of the shareholders o

RCap lenders raise concerns over Rs 7.3k cr debt term sheet offered by IIHL

Lenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said. This makes the drawdown of funds needed to settle payments to the debtors of RCAP for the resolution plan virtually impossible, sources said. Message to IIHL seeking comments on the issue did not elicit any response till the filing of the story. Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements. The CoC has requested that IIHL should also provide these definitive documents for review, they said. Notably, IIHL is raising R

Reliance Capital lenders move NCLAT against Hinduja Group's IIHL

CoC wants to forfeit funds deposited by IIHL in case of a default

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

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

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

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

Reliance's tech pact with Norway's Nel to accelerate new energy investments

Reliance Industries Ltd's technology partnership with Norway's Nel ASA will help accelerate its new energy investments, including in the production of green hydrogen that will aid billionaire Mukesh Ambani's pivot towards green energy. Reliance (RIL) on May 21 entered into a technology licensing agreement that provides the company with an exclusive license for Nel's alkaline electrolysers in India and also allows it to manufacture the Norwegian company's alkaline electrolysers for captive purposes globally. "We see this as a win-win for RIL and Nel as it supports RIL's ambition to accelerate its new energy ambitions, build an integrated energy vertical (new energy powering existing energy investments) and decarbonise the portfolio," brokerage Morgan Stanley said in a note. For Nel, it provides a revenue stream that it could not access on a standalone basis in India and may provide a new revenue stream that will not solely depend on the company's ability to execute on securing new ..

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

IIHL sets sights on $50 bn valuation by 2030: Chairman Ashok Hinduja

The Hinduja Group arm will raise stake in IndusInd Bank to 26%; IIHL, Aasia Enterprises acquisition of Rel Cap to meet Irdai norms

NFRA slaps fine of Rs 4.5 cr on auditors for Reliance Capital audit lapses

The National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs 4.5 crore on an audit firm and two auditors for professional misconduct for alleged auditing lapses of Reliance Capital's financials in 2018-19. A fine of Rs 3 crore has been imposed on Pathak H D & Associates, Rs 1 crore on Parimal Kumar Jha and Rs 50 lakh on Vishal D Shah. Besides, Jha and Shah have been debarred from taking up audit work for 10 years and 5 years, respectively, according to an order. Jha was the Engagement Partner (EP) and Shah was the Engagement Quality Control Review (EQCR) Partner for the statutory audit of Reliance Capital for 2018-19 fiscal. For 2018-19, the company was jointly audited by Price Waterhouse & Co LLP (PW) and Pathak HD & Associates. PW reported suspected fraud regarding loans and investments amounting to approximately Rs 12,571 crore to some group companies. In the order dated April 12, the NFRA said that despite the reporting of suspected fraud and ...

NCLT allows correction in Reliance Capital's 90-day resolution timeline

IndusInd International Holdings (IIHL), representing the Hinduja Group, the chosen applicant for the indebted firm, must execute RCap's resolution plan by May 27