The Administrator of debt-ridden Reliance Capital (RCAP) has raised concerns about the source of funds and business plan with IndusInd International Holdings Ltd (IIHL), the successful bidder for acquiring RCAP. The letter followed the rejection by the Insurance Regulatory and Development Authority of India (Irdai) of IIHL s proposal to raise funds through a pledge over the shares of Reliance General
Irdai rejection raises more questions for Hinduja-led IIHL on source of funds for RCAP acquisition 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.
Acquisition of RCap: Hinduja-led IIHL in a fix after setback from Irdai business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
As per the approved resolution plan, it said, "an implementation and monitoring committee has been constituted (IMC), which is inter alia empowered to supervise the implementation of the Approved Resolution Plan and oversee the management of the affairs of the Companies as per the terms of the Approved Resolution Plan".