Upon invocation of pledge by Trustee
Reliance Capital announced that the company's shareholding in its wholly owned subsidiary, Reliance General Insurance Company has been transferred on 19 November 2019 to IDBI Trustee Services, upon invocation of pledge by the Trustee.The Trustee has purported to a.ct on behalf of two parties claiming against the Company under certain guarantees, while another lender has filed a suit in the Hon'ble High Court of Bombay, claiming inter alia that the aforesaid shareholding in RGIC comprises security for all secured lenders of the Company, and the matter is presently sub-judice.
The Company has already been engaged in efforts to monetise its shareholding in RGIC as part of its overall plans for debt reduction.
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