The Securities and Exchange Board of India (Sebi) on Wednesday extended its earlier statement in the Bombay High Court that it will not take any action against Essel Group chairman Subhash Chandra for three weeks, in connection with the summons it had issued.
Reliance Power has disputed the amount claimed by CFM and added that the value of assets is sufficient to recover the money. Last month, CFM ARC became the new and sole lender of Vidarbha Power after it acquired loans from lenders at Rs 1,265 crore in an all-cash deal.
Banks led by Axis Bank have scheduled a Swiss Challenge auction to sell principal debt of ₹2,569 crore and $27.7 million in overseas currency loans of the distressed power company on August 8.
Anil Ambani-owned Vidarbha Industries moves Bombay High Court against lenders move to auction company s debt businesstelegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstelegraph.co.uk Daily Mail and Mail on Sunday newspapers.
SEBI has told Bombay High Court that till August 2, it will not insist on compliance with notices sent under the SEBI (Intermediaries) Regulations requiring intermediaries to comply with "fit and proper person" criteria.