Anil Ambani News: In a significant development, the National Company Law Tribunal has directed the bank and the supervisory board to resolve all outstanding issues related to the transfer of ownership of Reliance Capital to IndusInd International Holdings Limited. (IIHL) by 12 March. 

To demonstrate its commitment to finalize the transaction, Reliance Capital has voluntarily offered an equity capital of Rs 2,750 crore, a representative of IIHL confirmed. The Tribunal has accepted the proposal and urged all concerned parties, including the Lenders Committee, Audit Committee, IIHL and the Administrator, to complete the proposal by 12 March.

Since the NCLT hearing on February 10, the Monitoring Committee has held seven meetings to assess the various stages of implementation of the Sankalp Plan.

In April 2023, IIHL emerged as the highest bidder for Reliance Capital, securing the deal with an offer of Rs 9,650 crore under the Insolvency and Bankruptcy Code (IBC) framework. The acquisition is a key part of IIHL’s long-term strategy, as the company aims to grow its banking, financial services and insurance (BFSI) business from $15 billion (by September 30, 2024) to $50 billion over the next five years.

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IIHL received the necessary approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Stock and Commodity Markets Regulator earlier this year.

Reliance Capital’s troubles began in November 2021, when the Reserve Bank sacked its board of directors over management problems and payment defaults. Nageshwar Rao was then appointed as the Y administrator and the tender for the acquisition of the company started in February

With the NCLT insisting on a speedy resolution, all eyes are now on March 12, a crucial date that marks a major turning point as Reliance Capital moves forward under the ownership of IIHL.

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