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The <keyword id="4911816" type="General" weightage="50" keywordseo="committee-of-creditors" source="Orion">Committee of Creditors</keyword> (<keyword id="230701" type="General" weightage="100" keywordseo="coc" source="Orion">COC</keyword>) of <keyword id="6360090" type="General" weightage="50" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> is scheduled to meet on Tuesday to discuss the Resolution plans of the Torrent Group and <keyword id="120582" type="General" weightage="50" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword>. The legal Advisors to the Administrator and COC, AZB &amp; Partners and Luthtra &amp; Luthra will present legal compliance of both plans. In addition, <keyword id="63772" type="General" weightage="50" keywordseo="financial-advisors" source="Orion">Financial Advisors</keyword> Deloitte to Administrator and KPMG to CoC will present evaluation plans of both bidders In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for RCAP with an NPV of Rs 8,640 crore, while Hinduja's NPV in the Challenge Mechanism for RCAP was Rs 8,110 crore. After the e-auction was over, Hinduja presented a revised resolution plan with an NPV of Rs 9,000 crore and it has offered 100% cash upfront for the entire Rs 9,000 crore. On the other hand, Torrent has offered only Rs 3,750 crore as upfront cash, which is 54% lower than the Hinduja offer. The balance Rs 4,890 crore will be paid by Torrent in five years. According to the sources, CoC is in favour of Hinduja's offer as the lenders will be able to recover the entire money upfront. The COC may even ask Torrent to match Hinduja's offer of Rs 9, 000 Cr, before engaging again with both bidders to increase the value further. The NCLT deadline of March 31, 2023 for the completion of RCAP resolution is unlikely to be met. The resolution has already been delayed by over a year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sah-polymers-to-chaman-metallics-four-ipos-that-will-raise-almost-110-crore-this-week/articleshow/96680142.cms">From Sah Polymers to Chaman Metallics – Four IPOs that will raise almost ₹110 crore this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/swiggys-losses-jump-2x-to-3629-crore-in-fy22-layoffs-coming/articleshow/96682420.cms">Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming</a>

Crucial meeting of Reliance Capital COC to be held on Tuesday

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 9 paise to 82.69 against the US dollar in early trade on Tuesday, as crude oil price retreated from its elevated levels. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar, registering a rise of 9 paise over its previous close. On Monday, the rupee declined 17 paise to close at 82.78 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 103.55. Brent crude futures, the global oil benchmark, declined 0.30 per cent to USD 85.65 per barrel. "India December Manufacturing PMI came in at 57.8 against 55.7 in November. This shows that economy is still resilient as has also been evident from other high frequency indicators such as car sales and core sector data," IFA Global Research Academy said in a research note. The rupee is likely to trade in a 82.55-82.85 range with sideways price action, it added. In the domestic equity market, the 30-share BSE Sensex was trading 24.82 points or 0.04 per cent lower at 61,142.97. The broader NSE Nifty fell 5.25 points or 0.03 per cent to 18,192.20. <keyword id="6438315" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 212.57 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/december-auto-sales-fall-below-expectations-even-as-tata-motors-mm-post-strong-growth/articleshow/96686550.cms">December auto sales fall below expectations even as Tata Motors, M&amp;M post strong growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sah-polymers-to-chaman-metallics-four-ipos-that-will-raise-almost-110-crore-this-week/articleshow/96680142.cms">From Sah Polymers to Chaman Metallics – Four IPOs that will raise almost ₹110 crore this week</a>

Rupee gains 9 paise to 82.69 against US dollar

Sebi on Monday ordered the attachment of bank and demat accounts of <keyword id="31906" type="General" weightage="50" keywordseo="sahara-group" source="Orion">Sahara Group</keyword> firm, its chief <keyword id="31933" type="General" weightage="100" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword> and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The recovery proceedings against five entities -- <keyword id="486078" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation" source="Orion">Sahara India Real Estate Corporation</keyword> (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="80" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker <keyword id="20551" type="General" weightage="80" keywordseo="dubey" source="Orion">Dubey</keyword> and Vandana <keyword id="15888278" type="General" weightage="80" keywordseo="bharrgava" source="Orion">Bharrgava</keyword> -- for Rs 6.42 crore, includes interest, all costs, charges and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of the defaulters. The regulator, in its order in June, levied a fine totalling Rs 6 crore on Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. They raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms, as per Sebi order. According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the Sebi's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a> <a href="https://www.businessinsider.in/stock-market/news/sah-polymers-ipo-to-open-on-dec-30-price-band-set-at-61-65-a-share/articleshow/96514593.cms">Sah Polymers IPO to open on Dec 30, price band set at ₹61-65 a share</a>

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> started the New Year on a muted note, declining 14 paise to close at 82.75 (provisional) against the US dollar on Monday as rising <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> and sustained foreign fund outflows weighed on investor sentiment. Forex traders said the support from firm domestic equities and weak American currency was negated by the gains in crude oil prices and sustained foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 82.66 against the greenback and witnessed an intra-day high of 82.56 and a low of 82.78. It finally settled at 82.75, down 14 paise over its previous close. On the last trading day of 2022, the rupee had settled at 82.61. "The Indian rupee started the first trading day of the new year with a small loss as many markets remained closed on account of the New year Holiday. "The rupee was unable to hold the morning gains in absence of inflows. The thin trading volumes, stronger domestic equities and better-than-expected PMI readings were falling short to support the rupee," said Dilip Parmar, Research Analyst, HDFC Securities. The near-term focus will remain on the Federal Open Market Committee (FOMC) meeting minutes, scheduled to be released on Wednesday. "Spot USD-INR is still stuck in a three-week range of 82.50 to 82.95. We believe the said range could be resolved by the weekend as liquidity returns with traders coming back to their desks after the New Year holiday," Parmar added. The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading 0.30 per cent lower at 103.52. Global oil benchmark Brent crude futures rose 2.94 per cent to USD 85.91 per barrel. The 30-share BSE Sensex ended 327.05 points or 0.54 per cent higher at 61,167.79, while the broader NSE Nifty climbed 92.15 points or 0.51 per cent to 18,197.45. <keyword id="6438315" type="General" weightage="20" keywordseo="Foreign-institutional-investors" source="Orion">Foreign institutional investors</keyword> (FIIs) remained net sellers in the capital market on Friday, as they offloaded shares worth Rs 2,950.89 crore, as per stock exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sah-polymers-to-chaman-metallics-four-ipos-that-will-raise-almost-110-crore-this-week/articleshow/96680142.cms">From Sah Polymers to Chaman Metallics – Four IPOs that will raise almost ₹110 crore this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a>

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Crucial meeting of Reliance Capital COC to be held on Tuesday

IANS

Rupee gains 9 paise to 82.69 against US dollar

PTI

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

PTI

Rupee falls 14 paise to close at 82.75 against US dollar

PTI

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