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RBI appointed Administrator Y Nageswara Rao has laid bare Hinduja Group's devious tactics to dilute the NCLT order, seek further extension for deal without bringing the initial money on the table and substantially modify the Resolution Plan
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RCap may be up for rebidding. Creditors can encash Hinduja Group's around Rs 500 crore bank guarantee for the deal and float a new Request For Proposal inviting new bidders
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RCap COC has opened 2 escrow accounts with Yes Bank. As per NCLT order if Hinduja Group fails to deposit Rs 2750 crores in escrow a/c, it would be declared a defaulter and stands to lose initial deposit of around Rs 500 crores that it had made after winning the Rs 9850 crore bid for the acquisition of RCap
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Hinduja Group won NCLT approval for the deal in October 2023 but so far could not bring even Rs 250 crore as its equity contribution on the table. Considering this, it is unlikely to be able to arrange Rs 2750 crores in just 7 days
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If convicted for human trafficking, Prakash Hinduja family could be sentenced in prison for up to 5 years. Ajay Hinduja also faces allegations over control of Hinduja Bank and proceedings are ongoing
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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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