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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 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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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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