This development comes ahead of a crucial hearing by the National Company Law Tribunal (NCLT) on Tuesday, where IndusInd International Holdings (IIHL), part of the Hinduja Group, will plead for the extension
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Hinduja in the driver's seat as RBI is likely to extend the payment deadline for them, since they had bid Rs 1200 crore more than Torrent Group
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RBI's six-month-long deadline for the resolution plan ends on 17 May amidst concerns of Hinduja having "own" money for the deal. The group is seeking a deadline extension. RFRP begs default procedures to be followed
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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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New entities were introduced in the transaction at the eleventh hour, just days ahead of expiry of RBI deadline. RCAP to issue debentures to raise funds for its own acquisition. Deadline extension may be a huge setback for lenders
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