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As the deadline for the submission of binding bids approaches, the bidders of <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword>, including Hinduja, Torrent, Zurich, and Piramal have flagged off various legal issues to the lenders and Administrator, involving Reliance Capital and its subsidiaries. These legal issues involve a cumulative liability of Rs 22,000 crore, and they need quick resolution for the successful closure of RCAP's resolution plan. According to sources, the bidders are likely to make a condition precedent of these issues to any payment to the lenders. The two big issues flagged off by the bidders are the impending resolution of <keyword id="3649632" type="General" weightage="50" keywordseo="reliance-home-finance-ltd" source="Orion">Reliance Home Finance Ltd</keyword> (<keyword id="1590678" type="General" weightage="50" keywordseo="rhfl" source="Orion">RHFL</keyword>) and the legal battle between the Administrator and IDBI Trusteeship for the control of <keyword id="157626" type="General" weightage="50" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>'s shares, which is pending in the NCLT. Authum Investment and Infrastructure Ltd had been selected as the successful bidder for RHFL in June 2021, but the resolution process has not yet been completed due to various litigation involving the debenture holders. The total debt of RHFL is Rs 11,500 crore. As far as Reliance General Insurance is concerned, the Independent actuarial <keyword id="5413795" type="General" weightage="50" keywordseo="tower-watson" source="Orion">Tower Watson</keyword> has valued this business at Rs 9,500 crore. Apart from these, the two other legal cases flagged off by the bidders are Axis Bank's claim of Rs 150 crore against Reliance Capital, which the bank has lost in the NCLT, and a case involving Administrator and IndusInd Bank, involving arbitration of Nippon Asset Management shares. The total liability in this matter is Rs 650 crore. The last date for submitting binding bids is November 28. The quick resolution of these legal matters is a challenge for the Administrator for the successful closure of the RCAP resolution plan. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital's entire assets. For Reliance General Insurance business, Piramal Finance has bid Rs 3,600 crore, while <keyword id="1657992" type="General" weightage="50" keywordseo="zurich-insurance" source="Orion">Zurich Insurance</keyword>'s bid is Rs 3,700 crore. The third bidder, Advent, has bid Rs 7,000 crore for Reliance General Insurance. Jindal Steel and Power and <keyword id="8564251" type="General" weightage="50" keywordseo="uvarc" source="Orion">UVARC</keyword> have submitted bids for Reliance Capital's ARC business. For other assorted assets of Reliance Capital, 3 bidders -- Choice Equity, Global Fincap, and <keyword id="15413642" type="General" weightage="50" keywordseo="grand-bhawan" source="Orion">Grand Bhawan</keyword> -- have submitted the bids. RCAP's life insurance business, <keyword id="15259421" type="General" weightage="50" keywordseo="rnlic" source="Orion">RNLIC</keyword>, had not received any bid, but later on Aditya Birla Capital and Nippon Life Insurance, which is already holding 49 per cent equity in RNLIC, have evinced interest in acquiring RCAP's 51 per cent stake in this business. At the beginning of the resolution process of Reliance Capital over 54 companies had submitted Expression of Interest (EOI) for its various assets, out of which only 14 are now in the fray. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tumblr-to-allow-nudity-but-not-sexually-explicit-images/articleshow/95253755.cms">Tumblr to allow nudity but not sexually explicit images</a>

Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability

India is known for its grand welcome to visitors in the country. Now it receives an official recognition too. <keyword id="359385" type="ORGANIZATION" weightage="100" keywordseo="Umaid-Bhawan">Umaid Bhawan</keyword> Palace in <keyword id="6357685" type="CITY" weightage="100" keywordseo="Jodhpur">Jodhpur</keyword> has been named as the best hotel in the world by <keyword id="172543" type="COMPANY" weightage="100" keywordseo="Tripadvisor">TripAdvisor</keyword> in its Travelers' Choice list of global hotels. 

	This hotel was built between 1928 and 1943 for Maharaja Umaid Singh. Part of this hotel is now run by Taj Group of Hotels. 
 

	Julie Cassetina, spokesperson, TripAdvisor said, "The top hotels are all committed to service and quality."
 

	"These properties are providing more than just a bed for travelers, they have gone above and beyond to deliver a memorable experience for their guests which makes all the difference", Cassetina said to CNN.
 

	Here are the top 10 hotels in the global list:
 

	1. Umaid Bhawan Palace Jodhpur, India

	2. Shinta Mani Resort, Cambodia

	3. Bellevue Syrene, Italy

	4. Hanoi La Siesta Hotel &amp; Spa, Vietnam

	5. Achtis Hotel, Greece

	6. Belmond Le Manoir aux Quat'Saisons, United Kingdoms

	7. Mirihi island Resort, Maldives

	8. Bucuti &amp; Tara Beach Resorts Aruba, Aruba

	9. Calabash Luxury Boutique Hotel &amp; Spa, Grenada

	10. Hotel Ritta Hooppner, Brazil

	 
	 
	(Image credits: Flickr/nagarjun)

Umaid Bhawan Palace in Jodhpur ranked the best hotel in the world: TripAdvisor

Drums as loud as thunderclaps and then as soft as psalms, the sounds of the shehnai matching tunes with that of bagpipes are being heard at Vijay Chowk, as this beautiful entry to the Raj Bhawan readies itself for the <keyword id="102291" type="UNKNOWN" weightage="20" keywordseo="Beating-Retreat">Beating Retreat</keyword> ceremony at Vijay Chowk today. 
 For years, the celebrations of <keyword id="6416557" type="PERSON" weightage="20" keywordseo="Republic-day">Republic Day</keyword> comes to a close with this grand ceremony. In earlier times, it was sounded by the buglers as a signal to soldiers engaged in battle to cease their fighting, sheath their weapons and “retreat” from the battlefield. The bugle was also used in military towns to recall soldiers to their quarters in the evenings. 
 
It has since been celebrated every year with the Army, Navy and Air-Force joining hands to come out together and put up a lavish show for audiences. They stand smartly side by side, waiting to welcome the President as bejewelled camels take their positions atop the ramparts of the South and North blocks. The distant sound of horses' hooves starts getting louder and the President's entourage, including 46 bodyguards mounted on beautiful brown and white horses, arrives. The President takes the place in front of the defence chiefs. The singing of the National Anthem and the unfurling of the Tricolour signals the start of a spectacle. 
 
There are a spate of performances that follow we shall not reveal till you watch it yourself. The best part, however, is when the North and South blocks light up with yellow light, providing a fitting ending to the grandeur associated with Republic Day. 
 
If you have never witnessed the Beating Retreat Ceremony, here’s a glimpse into the show held last year.&lt; 
WHAT’S IN STORE THIS TIME? 
 
This year, 15 Military Bands, 18 Pipes and Drums Bands from Regimental Centres and Battalions are participating in the ceremony. Besides one each of Indian Navy and Indian Air Force band will also form part of the event and for the first time, bands from the State Police and Central Armed Police Force will also perform at the ceremony. 
 
Delhi Traffic Police has made elaborate arrangements keeping the ceremony in mind. According to an advisory. Vijay Chowk will remain closed today for general traffic from 3.30 to 9.30 PM. The traffic will not be allowed on the stretches on Rafi Marg and Raisina Road and the entry and exit at Udyog Bhawan and Central Secretariat Metro Stations on Delhi Metro's Yellow Line will remain closed from 2 PM to 6.30 PM. 
 
Services on all other lines will be available as per normal schedule throughout the day.

The Beating Retreat: Grandeur of Vijay Chowk returns as Rashtrapati Bhawan lights up again amid sounds of Shehnai

Taking a high moral ground, <keyword id="6358190" type="PERSON" weightage="100" keywordseo="Nitish-Kumar">Nitish Kumar</keyword> today resigned from the Chief Minister post leaving the Grand Alliance in the state in complete disarray. Kumar met Governor <keyword id="1093969" type="UNKNOWN" weightage="20" keywordseo="Kesari-Nath-Tripathi">Kesari Nath Tripathi</keyword> at Raj Bhawan to submit his resignation, which comes after a bitter standoff with ally Lalu Prasad-led RJD. Yadav had ruled out resignation of his son Tejashwi from the post of deputy chief minister over charges of corruption, blaming the BJP for the 'present crisis' in the state. "Under the current situation it's not possible for me to continue with the government. I tried to find a solution. I had urged <keyword id="13899" type="PERSON" weightage="20" keywordseo="Lalu-Yadav">Lalu Yadav</keyword> and Tejashwi to clear all the facts regarding the corruption charges. But nothing has happened," Nitish Kumar said after submitting resignation. "We waited long enough. RJD doesn't want to give any explanation. So we have decided to call it quits," Nitish said. <keyword id="6354578" type="PERSON" weightage="20" keywordseo="Tejashwi-Yadav">Tejashwi Yadav</keyword> is facing corruption charges and an FIR by the CBI has been filed in the land-for-hotels case. The case has dealt a big blow to the <keyword id="3777471" type="UNKNOWN" weightage="20" keywordseo="bihar-mahagathbandhan">Bihar Mahagathbandhan</keyword> and will have a big repercussion on the national politics. There were speculations that BJP might support Nitish Kumar to form the government.

Nitish Kumar resigns as Bihar Chief Minister after leaving Grand Alliance

As the clock ticks away, countdown has already begun for <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi">Narendra Modi’s</a> ambitious ‘Start-up India, Stand Up India’ initiative – what also is our Prime Minister’s New Year gift to the visionary and the young desi talent which wants to set up new businesses and innovative projects. 
 
The high-profile event waiting to be formally launched on January 16 will be the first-of-its-kind platform to facilitate face-to-face interactions between founders of at least 1500 <a href="http://www.businessinsider.in/searchresult.cms?query=startup+india">Indian startups</a>. Not only will the creative lot share their views and ideas with each other, but they will also be able to share their plight and suggestions with the global counterparts and government for solutions to problems plaguing the startup industry in the country. 
 
Scheduled to be inaugurated by Union Minister of Finance and Corporate Affairs Arun Jaitley in Vigyan Bhawan at 9.30 am, the event will see Prime Minister unveil the Start-Up action plan highlighting government initiatives for developing a start-up ecosystem in India in front of thousands of national and international biz masterminds. 
 
At a time when there’s just 10 days left for yet another Modi dream to realize and excitement is running high, we bring you all the crucial developments that will be taking place at the ‘Startup India, Standup India’ launch - one of the most-awaited events to kick-off this year! 
 
· The event will be a non-stop day long global workshop on startup Entrepreneurship and will include panel discussions on topics: 
Unleashing Entrepreneurship and Innovation - What do Indian Startups Need to Grow and Prosper; Celebrating Women: Stories of Innovative Women Entrepreneurs; How digitization will change India’s future; Making Indian Healthcare Leapfrog; Financial inclusion is within reach 
 · The event shall also feature interactive talks with global leaders and venture capitalists such as Mr. Masayoshi Son (Founder and CEO, SoftBank), Mr. Travis Kalanick (Founder, <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword>) and Mr. Adam Nuemann (Founder, WeWork). 
 · A delegation of at least 40 top chief executive officers (CEOs), venture capitalists, angel investors from <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> will be coming down along with the participation of 2000 new age ventures to encourage India's young entrepreneurs. 
 
· <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google </a>will provide $15,000 on-the-spot equity funding to start-ups while conducting an innovative session titled “Launchpad Accelerator” where startups can make live presentations about their business ideas. 
 
· <a href="http://www.businessinsider.in/searchresult.cms?query=Nikesh+Arorahttp://yourstory.com/2015/11/nikesh-arora/">Nikesh Arora, President and Chief Operating Officer, SoftBank</a> will also be interacting with participants and guiding them on raising funds. 
 
· A virtual exhibition is also being organized as part of the event to showcase some of the unique and innovative work done by Start-ups in the country. 
 
· A panel discussion is also likely on “Show Me the Money: How do we Capitalize Entrepreneurship?” and would be chaired by Minister of State for Finance Jayant Sinha. 
 
· Apart from sessions on themes such as digitisation, women entrepreneurs, healthcare and financial inclusion, there will also be a session titled “Face-to-face with Policy makers” with top secretaries to the Government of India where representatives of startups can ask them questions on subjects concerning their domain. (The panel will comprise of Secretaries from Department of Revenue, Department of Human Resources and Development, Department of Corporate Affairs, Department of Financial Services, Department of Economic Affairs, Department of Science and Technology, Department of Biotechnology, Department of Electronics and Information Technology, Department of Micro, Small and Medium Enterprises and Department of Skill Development. Additionally, the panel will have representation from Securities Exchange Board of India (SEBI) and Small Industries Development Bank of India (SIDBI)). 
 
· The event, that is to <a href="http://www.thehindu.com/business/modi-to-make-key-announcements-on-startup-india-in-dec-sinha/article7775274.ece" target="_parent">conclude with the Prime Minister’s address</a>, would be telecast live at all IIMs, IITs, NITs, central universities and among youth groups in over 350 districts. 
 
With the congregation of global majors, Indian startups<a href="http://www.businessinsider.in/searchresult.cms?query=angel+investors">, angel investors</a>, VCs and government, an entire ecosystem under one roof, need we say <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>’s Startup India is set to grab attention from world over. 
 
A major revolution is in the making and we have got our eyes on it! 
 
(Image credit: Reuters)

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Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability

ANI

Umaid Bhawan Palace in Jodhpur ranked the best hotel in the world: TripAdvisor

BI India Bureau

The Beating Retreat: Grandeur of Vijay Chowk returns as Rashtrapati Bhawan lights up again amid sounds of Shehnai

Anushree Singh

Nitish Kumar resigns as Bihar Chief Minister after leaving Grand Alliance

BI India Bureau

Countdown begins! All you want to know about PM Modi’s grand 'Start-up India' launch on Jan 16

Anushree Singh

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