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Reliance Capital to be rebranded under IndusInd after takeover, Hindujas tell NCLT | Mint

Livemint

Livemint · 1y ago

Reliance Capital to be rebranded under IndusInd after takeover, Hindujas tell NCLT | Mint

Hinduja-owned IndusInd International Holdings has clarified that it plans to rebrand itself under the 'IndusInd' name after taking over insolvent Reliance Capital. The company wants to distance itself from the 'Reliance' brand and transition as quickly as possible. Anil Dhirubhai Ambani Ventures has filed a plea to restrain IIHL from using the 'Reliance' brand. The matter is being heard by the National Company Law Tribunal, and the parties have been given two days to file written submissions before the next hearing on 3 September.

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Anil Dhirubhai Ventures moves NCLT in Reliance Capital case | Mint

Livemint

Livemint · 1y ago

Anil Dhirubhai Ventures moves NCLT in Reliance Capital case | Mint

Anil Dhirubhai Ambani Ventures Pvt. Ltd (ADAVL) has filed an application in the National Company Law Tribunal (NCLT) requesting them to direct IndusInd International Holdings Ltd (IIHL) to stop using the brand 'Reliance' after the resolution plan is executed. In February, IIHL's takeover of Reliance Capital was approved by the NCLT, allowing them to use the brand for three years. ADAVL argues that the brand agreement does not create any ownership rights for Reliance Capital and requests the immediate cessation of brand usage by IIHL. ADAVL also claims that they weren't involved in the resolution plan discussions. The matter will be heard by the NCLT on Tuesday.

Hinduja Group’s IIHL faces contempt charges in Reliance Capital resolution case | Mint

Livemint

Livemint · 1y ago

Hinduja Group’s IIHL faces contempt charges in Reliance Capital resolution case | Mint

The administrator of Reliance Capital has accused IndusInd International Holdings Ltd (IIHL) of contempt of court for allegedly failing to meet the terms of the resolution plan set by the National Company Law Tribunal (NCLT). The NCLT had directed IIHL to deposit ₹2,500 crore into a designated escrow account by 31 July, an order that has allegedly not been followed. IIHL filed an application seeking modification of the order, but the administrator has opposed granting any relief. The matter will be heard by the NCLT in the upcoming week.

Hinduja’s IIHL says ready with ₹2,750 cr, seeks modification of order | Mint

Livemint

Livemint · 1y ago

Hinduja’s IIHL says ready with ₹2,750 cr, seeks modification of order | Mint

IndusInd International Holdings Ltd (IIHL) has stated that it is ready with a ₹2,750-crore initial fund to acquire Reliance Capital. IIHL has requested an extension of the deadline given by the National Company Law Tribunal (NCLT) to comply with the acquisition order. The NCLT had previously given IIHL time till 10 August to implement its resolution plan for Reliance Capital. IIHL has sought modification of the order, stating that failure to do so would pose challenges in implementing the plan. Additionally, IIHL mentioned that certain details are required for fund remittances from banks in Mauritius.

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint

Livemint

Livemint · 1y ago

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint

The National Company Law Tribunal (NCLT) has directed the Reserve Bank of India (RBI) and the Department of Industrial Policy and Promotion (DIPP) to expedite approvals for the acquisition of Reliance Capital by IndusInd International Holdings Ltd (IIHL), owned by Hinduja group. The NCLT emphasized the importance of these approvals for the release of funds as part of the resolution plan. The Hindujas had requested an extension to navigate the complexities of the plan's execution. Various approvals from regulatory bodies like Sebi and Irdai also require renewal. The next hearing is scheduled for 28 August.

Reliance Capital resolution: CoC warns of remedial action against IIHL

YourStory

YourStory · 1y ago

Reliance Capital resolution: CoC warns of remedial action against IIHL

Lenders of Reliance Capital have warned IndusInd International Holdings, the Hinduja Group arm, for failing to comply with the National Company Law Tribunal (NCLT)-imposed conditions. These conditions included depositing Rs 250 crore in an escrow account by July 31. The deadline was missed, and lenders have reserved their rights and remedies as per the resolution plan submitted. IIHL was given an extension until August 10 to meet the conditions set by the NCLT, Mumbai, for its bid on Reliance Capital, which has a debt of over Rs 40,000 crore.

NCLT dismisses Anil Dhirubhai Ambani Ventures’ plea to block use of ‘Reliance’ brand by Hinduja Group

Livemint

Livemint · 10m ago

The National Company Law Tribunal (NCLT) has rejected Anil Dhirubhai Ambani Ventures' plea to prevent the Hinduja Group from using the 'Reliance' brand in its takeover of Reliance Capital. The dispute arises from a 2014 licensing agreement that allowed Reliance Capital to use the brand for 10 years. Although the agreement was terminated in June 2021, NCLT’s order permits the Hinduja Group to use the brand for three years. Anil Dhirubhai Ambani Ventures argues that the brand is not an asset under the Insolvency and Bankruptcy Code and was not consulted on the decision. The resolution plan, worth ₹9,681 crore, has not yet been implemented.

NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

Thehindubusinessline

Thehindubusinessline · 1y ago

NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

The National Company Law Tribunal (NCLT) has approved IndusInd International Holdings' resolution proposal for acquiring Reliance Capital. The Hinduja Group company has been given 90 days to implement the resolution, pending regulatory and other approvals. The proposal includes an upfront cash payment of ₹9,650 crore and an additional amount for the benefit of the creditors. The transaction is subject to approval from several regulatory authorities, including the RBI, SEBI, IRDAI, and CCI. Once completed, Hinduja Group will own the majority shares in Reliance Capital, which will no longer be listed on the stock exchange.

Reliance Capital administrator seeksimplementation of IIHL's resolution plan

Livemint

Livemint · 1y ago

Reliance Capital administrator seeksimplementation of IIHL's resolution plan

Reliance Capital's administrator has filed a petition with the National Company Law Tribunal (NCLT), requesting the tribunal to direct IndusInd International Holdings Ltd (IIHL) to implement its resolution plan by 10 August. IIHL's failure to comply with the 23 July order and its delay tactics prompted the administrator to take this action. The debt-ridden Reliance Capital was admitted into insolvency in December 2021, and the successful implementation of the resolution plan is crucial for both the lenders and the banking sector. The NCLT is expected to address the matter on Wednesday.

RCap’s administrator moves NCLT for faster payments from Hinduja’s IIHL

Livemint

Livemint · 1y ago

RCap’s administrator moves NCLT for faster payments from Hinduja’s IIHL

Reliance Capital's administrator has approached the National Company Law Tribunal to direct IndusInd International Holdings Ltd to make payments according to the approved resolution plan. The tribunal recently approved IIHL's plan to acquire Reliance Capital, pending certain regulatory approvals. The administrator is concerned that the delays in obtaining these approvals may impact timely payments. The matter will be heard by the NCLT on 11 March. The primary concern is to ensure the interests of all stakeholders are balanced, including the debtor company, creditors, and the resolution applicant.

Reliance Capital lenders red-flag Hinduja’s ₹7,300 crore debt proposal | Mint

Livemint

Livemint · 1y ago

Reliance Capital lenders red-flag Hinduja’s ₹7,300 crore debt proposal | Mint

The committee of creditors (CoC) of Reliance Capital has expressed concerns over the term sheets submitted by IndusInd International Holdings Ltd (IIHL) for a proposed debt raise of ₹7,300 crore. The CoC is worried about the stringent conditions attached to the debt offering, which can only be fulfilled after the resolution plan is executed. IIHL has enlisted 360 One and Barclays to raise the debt and additional terms and conditions may be introduced in the final binding agreements. The CoC has requested IIHL to provide definitive documents for review.

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