rcap

Armed with opinions from its statutory auditor and a legal firm that Anil Ambani-controlled Reliance Capital (rcap) had not violated any provisions relating to its relationship with auditing major Pricewaterhouse Coopers (PwC), the company on Thursday said that it would take all appropriate steps to safeguards the interest of its shareholders.

The National Company Law Tribunal (NCLT) has restrained the administrator of reliance capital rcap from presenting to the committee of creditors a belated resolution plan submitted by the Hinduja group for the bankrupt finance company. The committee of creditors was to meet on Tuesday to finalize the winning bid, but the tribunal's order was in response to a petition by the Torrent group which had submitted the highest bid in the challenger round for the sale of rcap under the bankruptcy process. A day after Torrent submitted its bid for Rs 8640 crore, the Hinduja group said it would better the offer and pay Rs 9400 crore. The hinduja's improved offer came after the auction was over but before the committee of creditors finalised the winnert. The division bench of the NCLT has fixed January 12 as the next date for the hearing. The administrator for rcap, Nageswara Rao Y, is likely to appeal the order in the National Company Law Appellate Tribunal given the delay. The company's resolution will likely go beyond January 31, the revised deadline under insolvency law. The lenders to rcap have already extended the timeline three times earlier lenders had extended the deadline to October 30 then the lenders gave a second extension up to November 2021

Anil Ambani’s flagship finance company Reliance Capital (rcap) has received six bids at the holding company level under the insolvency process. The bidders are IndusInd Bank, Torrent Group, Oaktree, Cosmea, Authum Capital, and B Right Real Estate.

The Piramal-Cosmea combine will not be participating in the challenger round of bidding for Reliance Capital (rcap) after creditors unilaterally decided to hike the base price to Rs 6,500 crore as against the highest bid of Rs 5,300 crore by the combine.

The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm.

Torrent Investments has now offered to pay upfront its entire bid amount of Rs 8,640 crore for Reliance Capital (rcap). This is in line with the net present value (NPV) of the bid the company had quoted during the e-auction under the IBC framework.

Reliance Capital on Sunday said the Insurance Regulatory and Development Authority of India (Irdai) has cancelled pledge enforcement of Reliance General Insurance Company Ltd's (RGICL) shares by Credit Suisse and Nippon India MF.

At a time when domestic and international investors are queuing up for a slice of the booming Indian e-commerce segment, Anil Ambani-led Reliance Capital (rcap) is encashing its investment in Yatra.com - the leading online travel company - for Rs 500 crore.

The committee of creditors (CoC) of Reliance Capital (rcap) will meet on Tuesday to discuss fresh resolution plans submitted by Torrent and Hinduja groups under the bankruptcy process.

Mauritius-registered IndusInd International Holdings (IIHL), promoter of IndusInd Bank, has approved a capital raise of $1.5 billion to fund its stake increase in the bank and acquire Reliance Capital (rcap).

Anil Ambani group firm Reliance Capital has exited Mukesh Ambani-led Reliance Industries by offloading an investment worth Rs 129.88 crore in the shares of the country's most valued firm.

Reliance Capital (rcap), with a debt of about Rs 35,000 crore across the group, has been downgraded to ‘default’ rating by Care Ratings because of a day’s delay in payment on some of its bonds. Since mutual funds have very low exposure to the papers issued by the Anil Ambani-promoted company, the fund industry is mostly insulated from the default, top MF officials said.