- By Aditya Pratap Singh
- Wed, 28 Feb 2024 02:51 PM (IST)
- Source:JND
Reliance Capital announced in an exchange filing that its listed equity shares are likely to be delisted from the stock market, following the approved resolution plan.
The company, in an exchange filing, said that the National Company Law Tribunal (NCLT) is considering delisting existing equity shares from stock exchanges under the company's 'approved resolution plan'.
Under proposed steps, which will be taken by new investors/purchasers to achieve minimum public share holding', is not applicable as liquidation of existing equity shares is contemplated, said the filling.
According to the NCLT order, the equity shares of the company will be delisted from the exchanges. The delisting will be done under SEBI (Delisting of Equity Shares) Regulations, 2021. The liquidation value of RCL's equity shareholders is fixed at NIL, which means they will not receive any payment or concession. As per the approval order of NCLT, the entire share capital of RCL will be cancelled and terminated without compensation.
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IIHL and/or the implementing agency, along with its nominees, shall be the sole shareholders of Reliance Capital Limited.
On the other hand, the NCLT on Tuesday approved the acquisition of Reliance Capital by Hinduja Group company IndusInd International Holdings Limited (IIHL). A two-judge bench of the tribunal comprising Prabhat Kumar, Member (Technical) and Justice V.G. Bisht approved the draft resolution submitted by IIHL.
The Reserve Bank of India (RBI) took over the board of Anil Ambani Group in November 2021 due to governance issues and payment defaults. Subsequently, on December 2, 2021, the central bank filed a petition in the tribunal to start corporate insolvency.
