News

Torrent Investments unlikely to participate in 2nd auction for Reliance Capital Torrent Investments has reportedly informed lenders of Reliance Capital that it is unwilling to participate in the auction to sell the financial services company. This is likely to hurt the process to maximise returns from the sale because only the Hinduja Group may be left in the fray. Earlier, while opposing the extension of the auction, in a letter to RBI Deputy Governor M. Rajeshwar Rao, Torrent Investments had sought directions to Nageswara Rao Y, administrator of Reliance Capital....
Torrent Investments unlikely to participate in 2nd auction for Reliance Capital
Torrent Investments unlikely to participate in 2nd auction for Reliance Capital
Source: IANS
25/03/2023 4:59:51 PM
Hindujas do a Messi in RCap bid Hinduja offer of Rs 9,000 crore cash upfront trumps Torrent bid of just Rs 4,000 crore cash and the balance to be paid to lenders in three equal instalments in year 3/4/5 with zero interest. The objective of the IBC Code is to maximise value for creditors. As such, the Hinduja bid is best of execution compared to Torrent as it has no requirement of sharing security as the CoC will be concerned with any dilution of current security. In repeated Supreme Court judgements, it has been held ...
Hindujas do a Messi in RCap bid
Hindujas do a Messi in RCap bid
Source: IANS
25/12/2022 5:56:55 PM
Piramal Financial, Zurich Insurance to form partnership for Reliance General Insurance Company Piramal Financial and Zurich Insurance, who have submitted separate bids for the general insurance business of Reliance Capital, have decided to form an equal partnership to bid for the Reliance General Insurance. According to sources, both Piramal and Zurich will hold 50 per cent each in the proposed joint venture company. If this proposed JV succeeds in emerging as the successful resolution applicant for RGIC, then it will mark the entry of Zurich Insurance in India's general insu...
Piramal Financial, Zurich Insurance to form partnership for Reliance General Insurance Company
Piramal Financial, Zurich Insurance to form partnership for Reliance General Insurance Company
Source: IANS
25/09/2022 1:47:27 PM
RCAP resolution plan submission deadline likely to be extended yet again The deadline for the submission of Resolution Plan for Reliance Capital (RCAP) is likely to be extended yet again as bidders seek more time to complete the due diligence process. According to sources, few bidders, including Piramal, Torrent, Oaktree and IndusInd, have written to the RCAP Administrator to extend the deadline by 20 to 35 days. The RCAP resolution plan submission date has already been extended four times in the past couple of months. The current deadline to submit the plan...
RCAP resolution plan submission deadline likely to be extended yet again
RCAP resolution plan submission deadline likely to be extended yet again
Source: IANS
31/07/2022 2:12:15 PM
DHFL resolution: NCLAT stays NCLT order to consider Wadhawan`s offer In a relief to Piramal Group, the National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT order directing DHFL's Committee of Creditors (CoC) to consider the settlement of its former promoter Kapil Wadhawan. According to the lenders, allowing Wadhawan's proposal will destroy the fabric of the Insolvency and Bankruptcy Code. On May 19, the Mumbai-bench of the National Company Law Tribunal (NCLT) had asked the lenders of the bankrupt Dewan Housing Finance Corporation L...
DHFL resolution: NCLAT stays NCLT order to consider Wadhawan`s offer
DHFL resolution: NCLAT stays NCLT order to consider Wadhawan`s offer
Source: IANS
25/05/2021 1:49:36 PM