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The Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">COC</keyword>) of <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> (<keyword id="411324" type="General" weightage="80" keywordseo="rcap" source="Orion">RCAP</keyword>), in its meeting held on Wednesday, has decided to reject all the binding bids that it received from the bidders on Monday. The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately. According to sources, the decision to reject the bids had been taken as the lenders are of the opinion that the bid value offered by all the bidders is too low. For the financial services business, <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> has special powers under section 227 of the IBC to refer companies to insolvency for debt resolution. Reliance Capital was the third financial services company that had been referred by the RBI for insolvency. The other two are DHFL and SREI. DHFL was sold to Piramal at 50 per cent of its liquidation value, while SREI's resolution process is still in progress. The rejection of the Reliance Capital bids proves that the use of section 227 by the RBI has not worked in favour of lenders of the financial services companies. Notably, Reliance Capital has received 5 bids under option 1 for the Reliance Capital Core Investment Company (CIC), as the deadline to submit binding bids ended on Monday 28 November. The option 1 bidders are Hinduja, Torrent, Oaktree, Cosmea Financial and Piramal consortium, and UAVRCL. Out of these five bidders, UVARCL has bid on a fee basis, which means that it has not submitted any resolution plan for RCAP. It will further sell RCAP assets and make payments to lenders, as and when the sale happens. No separate bids were received for Reliance General Insurance Company (RGIC) and Reliance Nippon Life Insurance Company (RNLIC) Cosmea-Piramal has offered Rs 5,231 crore for RCAP, while Hinduja's bid is Rs 5,060 crore. The size of Torrent and Oaktree's bids is Rs 4,500 crore and Rs 4,200 crore, respectively. Out of these four, the Cosmea-Piramal consortium has offered Rs 4,250 crore as the upfront payment, while Hinduja offered Rs 4,100 crore upfront to the lenders. The upfront payment by Torrent and Oaktree is in the range of Rs 1,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/corporate-demand-boosts-hotel-demand-in-q3-jll/articleshow/95883698.cms">Corporate demand boosts hotel demand in Q3: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/former-flipkart-svps-online-shopping-platform-flash-raises-5-8-million-in-seed-round/articleshow/95884631.cms">Former Flipkart SVP's online shopping platform Flash raises $5.8 million in seed round</a>

Reliance Capital Committee of Creditor rejects all bids, considering liquidation

The bidders for <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> assets have to submit their financial bids by August 29 (Monday), as the final deadline for the submission of bids ends tomorrow. The bidders will submit their final non binding indicative bids under two options. Under option 1, bidders can bid for Reliance Capital as a Core Investment Company (CIC), while the second option gives the bidders freedom to buy <keyword id="411324" type="General" weightage="80" keywordseo="rcap" source="Orion">RCAP</keyword>'s different business clusters, either individually or in combination. Though the lenders are more keen to sell Reliance Capital as a company (CIC) than individual businesses separately. The deadline for the submission of bids has been extended five times in the past by the lenders. The timeline for the completion of Reliance Capital's resolution process has also been extended twice by the lenders. Now, the final deadline to complete the process is 1 November 2022. At the beginning of the resolution process of Reliance Capital, over 54 companies had submitted Expression of Interest (EOI) for its various assets, but now there are only a handful of bidders actively engaged with the Administrator. According to the banking sources, out of the 54 EOIs received initially, currently only four-five bidders including Piramal Group and Yes Bank are actively engaged in the resolution process of Reliance Capital. Due to the poor response, the Committee of Creditors (COC) even waived off the condition of paying Rs. 75 Cr. Earnest Money Deposit (EMD), in the first submission date. The bidders major concerns have been regarding the treatment of three important business clusters of Reliance Capital i.e. Reliance Commercial Finance (<keyword id="6388800" type="General" weightage="80" keywordseo="rcf" source="Orion">RCF</keyword>), <keyword id="857313" type="General" weightage="50" keywordseo="reliance-home-finance" source="Orion">Reliance Home Finance</keyword> (<keyword id="5541231" type="General" weightage="80" keywordseo="rhf" source="Orion">RHF</keyword>) and <keyword id="157626" type="General" weightage="50" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword> Company (RGIC). Both RCF and RHF had gone through a separate resolution process with Authum Investment and Infrastructure, much before RCAP was referred to NCLT. On the other hand, the shares of Reliance General Insurance, which is the most valuable asset in the entire business portfolio of RCAP, are held by IDBI Trusteeship on the behalf of Credit Suisse. IDBI Trusteeship has refused to release these shares for the ongoing NCLT-led resolution process. To allay the concerns of the bidders regarding the RCF and RHF, the COC has proposed that both the entities will be held in a separate Trust for the Authum Investment and Infrastructure's resolution. The combined debt of these two entities - RCF and RHF is around Rs. 25,000 Cr. The proposed Trust structure would ensure that the bidders of RCAP do not have to deal with this debt. The debt of RCAP is around Rs. 20,000 Cr. The Trust structure would ensure that out of Rs 45,000 crore debt, the Rs 25,000 crore debt of RCF and RHF is excluded from this resolution process. As far as RGIC's shares are concerned, there has been a stalemate between the lenders and IDBI Trusteeship. IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of RCAP's 100 per cent shareholding in RGICL in November 2019 and transferred the shares to its account. RGICL is the most valuable asset of RCAP and the Administrator wants to include the same as a part of RCAP's IBC process and debt resolution, but with the IDBI Trustee refusing to release the shares of RCIC, the process seems to have hit a roadblock. According to the bankers involved in the process, the value of Reliance General Insurance's business is estimated to be around Rs 5,000 crore to 6,000 crore. Bidders have raised questions and concerns as to how they can submit bids for Reliance General Insurance if the shares of the company are held by IDBI Trusteeship, who has refused to release the same for inclusion in the ongoing IBC process. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/markets-under-pressure-and-look-vulnerable-arun-kejriwal/articleshow/93845387.cms">Markets under pressure and look vulnerable: Arun Kejriwal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/lg-tone-free-fp9-tws-buds-review-underrated-tws-with-a-lot-of-potential/articleshow/93804655.cms">LG TONE Free FP9 TWS Buds Review: Underrated TWS with a lot of potential</a>

Financial Bids for Reliance Capital to be submitted on Monday

<ul><li>The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.</li><li>Vistra ITCL (India) Ltd, one of the members of the <keyword id="16392825" type="General" weightage="50" keywordseo="committee-of-creditors-of-reliance-capital" source="Orion">Committee of Creditors of Reliance Capital</keyword>, has moved <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against an <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> order.</li><li>It upheld the plea by <keyword id="14855943" type="General" weightage="100" keywordseo="torrent-investments" source="Orion">Torrent Investments</keyword> challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. </li></ul>The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance capital" meta.entityname="Reliance Capital Ltd." meta.entityid="13189" meta.seoname="reliance-capital-ltd">Reliance Capital</keyword> seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice <keyword id="247734" type="General" weightage="50" keywordseo="ashok-bhushan" source="Orion">Ashok Bhushan</keyword> issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> bench of <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT) had ruled against holding a fresh round of auction for the takeover of <keyword id="218661" type="General" weightage="20" keywordseo="anil-ambani-promoted" source="Orion">Anil Ambani-promoted</keyword> Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for the takeover of RCap. Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the 'challenge mechanism'. Reliance Capital has a consolidated debt of about Rs 40,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-is-officially-confirmed-to-be-working-on-a-chatgpt-competitor-called-bard/articleshow/97681673.cms">Google is officially confirmed to be working on a ChatGPT competitor called Bard</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/drinking-water-in-israel-becomes-turbid-after-turkey-syria-quake/articleshow/97675030.cms">Drinking water in Israel becomes turbid after Turkey-Syria quake</a>

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

Mumbai, The Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">COC</keyword>) of <keyword id="6360090" type="General" weightage="80" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> has approved the extension of 90 days (from January 31 to April 30) to complete the <keyword id="6359987" type="General" weightage="100" keywordseo="resolution" source="Orion">Resolution</keyword> process. Due to Torrent's legal challenge, the Administrator will file an application for deadline extension in the NCLT Mumbai on Monday, January 16. NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday. In the hearing on Thursday, January 12, senior counsel <keyword id="30182" type="General" weightage="50" keywordseo="kapil-sibal" source="Orion">Kapil Sibal</keyword> appearing for RCAP's COC informed the court that the bid submitted by Torrent is non-compliant. Sibal said that COC found a discrepancy in the Resolution Plan of Torrent. The financial proposal submitted by the company in the draft resolution proposal does not match the highest bid amount submitted by them in the challenge mechanism. Sibal said that after the Administrator wrote to Torrent on January 4, and after that Torrent changed its entire bid on January 6. Sibal said that Torrent does not even meet the threshold of the third round of the Challenge Mechanism. Therefore, it is non-compliant in the third round itself, and could not have participated in the fourth round. Torrent's bid in the second round was only Rs 7,500 crore, which should be the final bid by the company, while IIHL's (Hinduja) all-cash bid of Rs 8,110 crore in the third round is higher than Torrent's offer of Rs 7,500 crore. In addition, Hinduja's IIHL is offering additional upfront cash of Rs 900 crore, over and above its bid of Rs 8,110 crore, to the lenders, and this higher realisation can not be denied to the lenders, including <keyword id="6367143" type="General" weightage="50" keywordseo="lic" source="Orion">LIC</keyword> and EPFO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/charging-infra-improvement-can-reduce-range-anxiety-for-evs-tata-motors-md/articleshow/96961534.cms">Charging infra improvement can reduce range anxiety for EVs: Tata Motors MD</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mfs-add-hdfc-reliance-industries-kfin-tech-sula-vineyards-in-december/articleshow/96963841.cms">MFs add HDFC, Reliance Industries, KFin Tech, Sula Vineyards in December</a>

Torrent stalls Rcap resolution, COC approves 90-days extension to complete resolution

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

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

Markets regulator Sebi on Monday said it will auction 66 properties of <keyword id="1641057" type="General" weightage="100" keywordseo="saradha-group" source="Orion">Saradha Group</keyword> on April 11 at a reserve price totalling Rs 32 crore to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include land parcels located in West Bengal, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) said in a notice. The regulator said that the e-auction will be conducted between 11 am and 1 pm on April 11, 2023. The total reserve price of these properties is pegged at about Rs 32 crore. Sebi has engaged <keyword id="6085536" type="General" weightage="50" keywordseo="quikr-realty" source="Orion">Quikr Realty</keyword> to assist it in the sale of the properties and appointed C1 India as the e-auction provider. The development came after the Calcutta High Court passed an order in June 2022, whereby it directed Sebi to proceed with the auction of properties of the <keyword id="1648299" type="General" weightage="50" keywordseo="saradha-group-of-companies" source="Orion">Saradha Group of Companies</keyword>. The entire exercise was directed to be completed within three months. Saradha Group, a consortium of over 239 private companies, allegedly ran chit-fund operations in West Bengal, Assam and Odisha and raised around Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013. As per the notice, the regulator said bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments and acquisition of liabilities of the property put on auction, prior to submitting their bid. "The purchaser shall participate in the e-auction on his own behalf and no third party intervention, like authorized agent/representative, would be permitted. The successful bidder shall bear the charges/ fee payable for the transfer of the property in his/her name. All taxes shall be borne by the purchaser," the notice said. In September 2022, the regulator said that it will auction 69 properties of the Saradha Group of Companies on November 1 at a reserve price of Rs 30 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-may-hike-benchmark-lending-rates-by-25-bps-in-april-dbs/articleshow/98607945.cms">RBI may hike benchmark lending rates by 25 bps in April: DBS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rcap-debt-resolution-torrent-investments-moves-sc-against-nclt-decision/articleshow/98607932.cms">RCap debt resolution: Torrent Investments moves SC against NCLT decision</a>

SEBI to auction 66 properties of Saradha Group to recover investors' money

Sebi on Thursday barred 31 entities, including actor <keyword id="20399" type="General" weightage="80" keywordseo="arshad-warsi" source="Orion">Arshad Warsi</keyword>, his wife <keyword id="995" type="General" weightage="50" keywordseo="maria-goretti" source="Orion">Maria Goretti</keyword> and promoters of <keyword id="11249" type="General" weightage="100" keywordseo="sadhna" source="Orion">Sadhna</keyword> Broadcast from the securities market in a case related to uploading misleading videos on YouTube channels recommending investors to buy the company's shares. The company's promoters who have been restrained from the securities market for their involvement are - <keyword id="1569219" type="General" weightage="50" keywordseo="shreya-gupta" source="Orion">Shreya Gupta</keyword>, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media. In addition, the regulator has impounded illegal gains to the tune of Rs 41.85 crore made by the entities after misleading videos were uploaded on YouTube channels. SEBI noted that Arshad Warsi has made a profit of Rs 29.43 lakh and his wife has earned a profit of Rs 37.56 lakh. The order came after <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) received certain complaints wherein it was alleged that there was price manipulation and offloading of shares by certain entities in the scrip of television channel Sadhna Broadcast. The complaints alleged that misleading YouTube videos with false content about the company were uploaded to lure investors. Following this, the regulator conducted an examination during April-September 2022 and found a spurt in the price and volume of scrip of Sadhna between April and mid-July 2022. During the second half of July 2022, false and misleading videos about Sadhna were uploaded on two YouTube channels -- "The Advisor" and "Moneywise". These YouTube videos peddled false and misleading news to recommend that investors should buy the Sadhna stock for extraordinary profits, SEBI said in its interim order. Subsequent to the release of the misleading YouTube videos, there was an increase in the price and trading volume of the Sadhna scrip. The volumes appear to have been contributed by a large number of retail investors likely influenced by the misleading YouTube videos. During this period, certain promoter shareholders, key management personnel of Sadhna, and non-promoter shareholders offloaded a significant part of their holdings at inflated prices and booked profits. One of the misleading videos on these YouTube channels was that Sadhna Broadcast Ltd is going to be taken over by the Adani group. After the deal, the margins of the company will increase. In addition, there were other videos like the company is moving from TV production to movie production and a big American corporation has entered into a contract for Rs 1,100 crore to produce four devotional movies where the money will be brought in by the American investor but the rights will remain with Sadhna. SEBI has classified these 31 entities into categories -- creator of YouTube channels (Manish Mishra), net sellers/ promoters and profit makers (NSs), Volume Creators (VCs) and information carriers (ICs). Arshad Warsi and his wife come in the category of Volume Creators. SEBI noted that these 31 entities collectively helped create trading volumes and interest in the scrip, spread false and misleading YouTube videos, and hence induced unsuspecting investors to buy the Sadhna scrip at elevated prices, thereby prima facie violating the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. Collectively, NSs and some of the VCs have booked extraordinary profits as a result of this scheme. "I note that the elaborate modus operandi adopted by the Noticees (31 entities) including the egregious misuse of patently false and misleading YouTube videos, had led to drastic increase in the number of small shareholders (from 2,167 to 55,343 shareholders), who ended up buying shares from the noticee net sellers and volume creators at inflated price," SEBI Whole Time Member Ananth Narayan G said in his 58-page order. Accordingly, the regulator has barred these 31 entities "from buying, selling or dealing in securities either directly or indirectly, in any manner whatsoever until further orders". Also, all the entities have been directed not to dispose of any assets, whether movable or immovable including money lying in bank accounts except with the prior permission of SEBI until the impounded amount is deposited in the escrow account. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rcap-resolution-nclat-allows-lenders-plea-for-another-round-of-bidding/articleshow/98356569.cms">RCap resolution: NCLAT allows lenders' plea for another round of bidding</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rural-consumption-on-a-decline-as-farmers-income-continues-to-remain-under-stress/articleshow/98358312.cms">Rural consumption on a decline as farmers’ income continues to remain under stress</a>

SEBI bans Sadhna Broadcast's promoters, actor Arshad Warsi, others from securities mkt

New Delhi, <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital">Reliance Capital</keyword> (RCAP) debenture holders at their meeting held on January 5, passed the resolution with overwhelming majority for <keyword id="1187112" type="PERSON" weightage="20" keywordseo="monetisation">monetisation</keyword> of its <keyword id="41933" type="ORGANIZATION" weightage="20" keywordseo="assets">assets</keyword>. This comes on the back of shareholders having already approved RCAP monetisation. Reliance Capital had commenced its asset monetisation process - to unlock value of its underlying businesses which targets to make RCAP debt free. JM Financial Services Limited and SBI Capital Markets Limited ran an independent and transparent asset monetizsation process. Expression of interest for nine key assets was launched on October 31, 2020. EOI process received massive response for the nine key assets as multiple players have placed interest for each asset with some of them also expressing interest in all the assets. EOI applicants would now perform due diligence on each asset and submit binding bids for the nine key assets. Asset monetisation process is being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd, which represents 93% of total outstanding debt of Reliance Capital. EOIs invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof: 1. 100 per cent stake in <keyword id="157626" type="COMPANY" weightage="20" keywordseo="Reliance-General-Insurance">Reliance General Insurance</keyword> Company Limited (RGI). Paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the fifth largest Private General Insurance Company with a market share of 4.5% as of March 20 in the Private General Insurance category. Consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. Performed its best even during Covid times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20-21. Strong distribution network of 134 branches with amongst one of the largest agency force of 46,742 as of September 30, 2020 across the country. 2. 51% stake in Reliance Nippon Life Insurance Company Limited (RNLI). Paid up capital of Reliance Nippon LifeInsurance is ₹1,196 crore as of September 30, 2020. RNLI is a joint <keyword id="6388493" type="COMPANY" weightage="20" keywordseo="venture">Venture</keyword> with Japan's largest life insurer - Nippon Life which holds 49% shareholding. It is the 10th largest Private Sector Insurer (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. Witnessed sharp turnaround in performance during FY19-20 with a profit after tax of Rs 35 crore and 75 per cent growth (12% CAGR) in Embedded Value over last four years. Impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore. and an Individual Premium Market Share of 2.20% amongst private insurers. 3. 100% stake in Reliance Securities Limited - Broking and distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. 4. 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities. 5. 49% stake in Reliance Asset Reconstruction Limited:  Manages portfolio of ₹1,996 crore as on September 30, 2020. Over 3.3 lakh customers across retail and SME segment, with dominant retail presence in South and West region. 6. 20 per cent stake in Indian Commodity Exchange. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. 7. 100 per cent stake in Reliance Health Insurance Limited. 8. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. Resolution of Lending businesses of RCAP - <keyword id="857313" type="COMPANY" weightage="20" keywordseo="Reliance-Home-Finance">Reliance Home Finance</keyword> and <keyword id="3646337" type="COMPANY" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword>. Reliance Home Finance (RHF) and Reliance Commercial Finance (RCF) are undergoing resolution under RBI circular dated June 7, 2019. Bank of Baroda is the lead banker under the ICA resolution process of both the lending entities. The transactions for both RCF and RHF are expected to be closed by March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">India may be considering a COVID cess on high income earners — aside from more levy on fuel</a> <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/business/startups/news/2021-will-be-a-watershed-moment-for-india-tech-ecosystem-here-are-the-startup-sectors-that-vcs-are-betting-on/articleshow/80208631.cms">‘2021 will be a watershed moment for India’s tech ecosystem’ — here are the startup sectors that VCs are betting on</a> <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-band-with-24-hour-heart-rate-monitoring-14-days-battery-life-launched-in-india/articleshow/80209025.cms">OnePlus Band with 24-hour heart rate monitoring, 14 days battery life launched in India</a>

Reliance Capital debenture holders pave the way for asset monetisation

<ul><li>At 7:45 am, the SGX Nifty was up 0.26%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a stronger note on Thursday, led by positive cues from the global markets. They ended at record highs on Monday, with Nifty inching closer to the 14,000 mark. At 7:45 am, the SGX Nifty was up 0.26%, indicating a green start for Nifty50. The <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-at-record-highs-as-markets-cheer-900-billion-stimulus/articleshow/80001212.cms">US stocks closed </a>at record highs on Monday as investors cheered a $900 billion stimulus package that President Donald Trump signed on Sunday. The Dow Jones Industrial Average closed 0.68% higher, and the S&amp;P 500 was up 0.87%. These are the stocks to watch out for during the trading session today: Wipro Wipro’s ₹9,500 crore share buyback will begin today (December 29) and remain open until January 11. The last date for settlement of bids on the stock exchange will be on or before January 20. Future Retail and RIL The shares of Future Retail and RIL will be in focus during the trade today. The American e-commerce giant Amazon Inc <a href="https://www.livemint.com/companies/news/amazon-asks-sebi-to-wait-for-siac-order-11609180801940.html">has asked India’s markets regulator</a> to wait for a Singapore court’s final order before clearing future group companies’ merger. Biocon Biotechnology major Biocon has launched Tacrolimus capsules, an immunosuppressant, in the US market. Tacrolimus is used in the treatment of organ transplant patients, and it reduces the body’s ability to reject a transplanted organ. Titan Titan’s board has approved to provide corporate guarantees worth ₹906 crore to various banks on behalf of Titan Commodity Trading, a wholly-owned subsidiary of the company. AU Small Finance Bank AU Small Finance Bank announced that it has partnered with the private life insurance company ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions. With this arrangement, the bank said over 18 lakh customers of the bank across over 700 banking touchpoints would have easy access to the entire suite of customer-centric protection and long-term savings products of ICICI Prudential Life. Cochin Shipyard Cochin Shipyard’s board is scheduled to meet on January 4 to consider the declaration of interim dividend to the company’s equity shareholders for the financial year 2020-21. 3i Infotech IT firm 3i Infotech has entered into definitive agreements to sell its software products business to the funds advised by Apax Partners for ₹1,000 crore. The software products business will be acquired by a newly formed Azentio Software company, wholly-owned by the Apax Funds, a statement said. Reliance Capital Anil Ambani’s Reliance Group company, Reliance Capital on Monday raised objection to the proposed 33.12% stake sale of Prime Focus (PFL) by Credit Suisse to PFL’s promoter group at ₹44.15 per share. The debt-ridden firm, Reliance Capital, termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group, the company said in a statement. SBI Life Insurance The Board of Directors of SBI Life Insurance Company on December 28 approved the appointment of Shobinder Duggal as an Additional Director in the company. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/house-passes-bill-to-increase-600-stimulus-checks-to-2000/articleshow/80001571.cms" data-type="tilCustomLink">House passes bill to increase $600 stimulus checks to $2,000. It now goes to the Senate.</a> <a href="https://www.businessinsider.in/science/news/most-vaccine-skeptics-are-persuadable-and-will-get-the-covid-19-shot-says-a-nobel-prize-winner-who-studies-vaccine-hesitancy/articleshow/79995460.cms" data-type="tilCustomLink">Most vaccine skeptics are persuadable and will get the COVID-19 shot, says a Nobel prize-winner who studies vaccine hesitancy</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-mining-stocks-surge-after-the-cryptocurrency-passes-28000-for-the-first-time/articleshow/79996286.cms" data-type="tilCustomLink">Bitcoin-mining stocks surge after the cryptocurrency passes $28,000 for the first time</a>

You Searched For "rcap bids" and got 10 results

Reliance Capital Committee of Creditor rejects all bids, considering liquidation

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Financial Bids for Reliance Capital to be submitted on Monday

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RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

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Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

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

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SEBI to auction 66 properties of Saradha Group to recover investors' money

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SEBI bans Sadhna Broadcast's promoters, actor Arshad Warsi, others from securities mkt

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Reliance Capital debenture holders pave the way for asset monetisation

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Top stocks to watch — Wipro, RIL, Future Retail, Reliance Capital, AU Small Finance, Biocon, Titan, and others

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