The whole resolution plan seems like a mockery of the collective intelligence of India's bureaucracy, and banking and insurance officials since the Hinduja Group has proposed to pledge 100 per cent RCAP shares to raise Rs 8000 crores for RCAP acquisition. Simply put, do the Hindujas don't have their own money and depend on RCAP shares as collateral to raise funds?
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RCAP administrator says, the contents of the letter were explained to him but IRDA has to accept the replies after examination
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