The Hinduja Group company that is buying debt-ridden Reliance Capital (RCap) will take time to complete the acquisition process. In fact, Reliance Capital’s administrator has approached the Reserve Bank of India (RBI) and sought 10 days to transfer the assets to the Hinduja Group company. Let us tell you that Reliance Capital was Anil Ambani’s company, which is heavily in debt.
The deadline for the transfer of Reliance Capital’s assets to Hinduja Group company Asia Enterprises expired on Friday. The RBI gave its approval on November 17, 2023, which was valid for six months only. Now the administrator of Reliance Capital has asked the RBI for an extension of 10 days till May 27.
Last date till 27th May
Let us tell you that according to the order of NCLT, the last date for implementation of resolution plan for Hinduja group company is 27th May. The Mumbai bench of the National Company Law Tribunal (NCLT) on February 27 approved the resolution plan and directed IndusInd International Holdings Ltd to implement the resolution plan by May 27. The tribunal awarded Hinduja Group company IndusInd International Holdings Limited’s Reliance Capital Rs. 9,650 crore resolution plan was approved.
IRDA approved
Recently, insurance sector regulator IRDAI has given conditional approval to Hinduja Group company IndusInd International’s bid to acquire Reliance Capital. Recently, an IndusInd spokesperson said that we are committed to complete the acquisition as soon as possible and aim to complete by the NCLT deadline of May 27, 2024. Earlier, IndusInd International Chairman Ashok Hinduja had said that he would finalize the deal by paying the bid amount within 48 hours of IRDAI’s approval.