Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Sat, 19 Feb 2022 03:57 PM IST
Summary
RBI Appointed Administrator Invites Bids: The Administrator, appointed after the dissolution of the company’s board, has invited Expressions of Interest (EoI) for the sale of debt-ridden Reliance Capital. Let us tell you that through the EOI it will be known which companies are ready to bet on it.
The Reserve Bank of India (RBI)-appointed administrator on Friday began preparations for the sale of Anil Ambani’s debt-ridden Reliance Capital. Under this, Expression of Interest (EoI) has been invited for the sale of Reliance Capital. Through the EOI, it will be known which companies are ready to bet on it.
EOI to be submitted by March 11
Reliance Capital said in a regulatory filing that the last date for submission of expression of interest is March 11. At the same time, the last date for submission of resolution plan of Reliance Capital is April 20. Notably, this is the third largest NBFC against which the central bank has recently initiated insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The other two are Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL).
Board was dissolved in November 2021
Significantly, on November 29, the RBI had dissolved the board of Reliance Capital and on its behalf, Nageswara Rao, former executive director of Bank of Maharashtra, was appointed as the administrator. The very next day, the central bank had also constituted a three-member panel to assist the administrator. Anil Ambani-led RCL faces several serious allegations of default in loan repayment and corporate governance. In September 2021, Reliance Capital at its Annual General Meeting (AGM) had informed shareholders that the company’s consolidated debt stood at Rs 40,000 crore.
Expansion
The Reserve Bank of India (RBI)-appointed administrator on Friday began preparations for the sale of Anil Ambani’s debt-ridden Reliance Capital. Under this, Expression of Interest (EoI) has been invited for the sale of Reliance Capital. Through the EOI, it will be known which companies are ready to bet on it.
EOI to be submitted by March 11
Reliance Capital said in a regulatory filing that the last date for submission of expression of interest is March 11. At the same time, the last date for submission of resolution plan of Reliance Capital is April 20. Notably, this is the third largest NBFC against which the central bank has recently initiated insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The other two are Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL).
Board was dissolved in November 2021
Significantly, on November 29, the RBI had dissolved the board of Reliance Capital and on its behalf, Nageswara Rao, former executive director of Bank of Maharashtra, was appointed as the administrator. The very next day, the central bank had also constituted a three-member panel to assist the administrator. Anil Ambani-led RCL faces several serious allegations of default in loan repayment and corporate governance. In September 2021, Reliance Capital at its Annual General Meeting (AGM) had informed shareholders that the company’s consolidated debt stood at Rs 40,000 crore.