The Reserve Bank of India-appointed Administrator of debt-ridden Reliance Capital (RCAP) on 15 October wrote a letter to Hinduja Group firm IndusInd International Holdings Ltd (IIHL). It raised questions on the source of funds and business plan, reported news agency PTI citing sources.
In the letter to IIHL, the Administrator has asked the successful resolution bidder IIHL to submit a fresh application along with the source of funds and the business plan which does not contemplate the creation of a pledge over the shares of RGIC and RNLIC.
In the letter, the RBI-appointed Administrator said in their meeting with Irdai on 9 October, Irdai indicated that no application for change in control would be considered favorably if the source …
Read the full article at: https://www.livemint.com/companies/news/rcap-acquisition-irdai-rejection-raises-questions-for-hinduja-led-iihl-on-funds-source-11697372757041.html