Reliance Capital Ltd News

IIHL's takeover of Reliance Capital set to complete by January end

RCap subsidiaries to get listed by mid-2026, 2027

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

IIHL concerned over GST liability for RCap resolution plan implementation

Hinduja Group-owned IndusInd International Holdings on Wednesday contended before the National Company Law Tribunal that the GST liability of Rs 850 crore is a sticky issue in the implementation of Reliance Capital's resolution plan. Senior counsel Abhishek Manu Singhvi, representing IndusInd International Holdings, told the tribunal that it has received 7 approvals, including from the RBI and Sebi. He said that as directed by the tribunal on August 12, IIHL held a joint meeting with the CoC to sort out various issues. Singhvi, however, raised concern over the GST liability of Rs 850 crore. He further said that the company is prepared to pay Rs 9,861 crore, however, there is an issue of GST liability of Rs 850 crore. "We had a joint meeting (IIHL and the CoC) to sort out issues. However, the GST liability remains a sticky issue. The GST liability of Rs 850 crores is clearly already covered in the NCLT February 27 order, which says waiver of any tax, including but not limited to in

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

NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan

The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan. After IIHL breached the third deadline on May 27, the NCLT on July 23 exten

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