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The Economic Times

Reliance Capital, DHFL, IL&FS failure highlights not wanted: Audit watchdog seeks changes in norms

The National Financial Reporting Authority (NFRA) has proposed aligning a key accounting standard with global norms to protect investor interests. This move targets listed private companies and aims to address multiple accounting lapses. Despite resistance from some auditors, NFRA emphasizes the need for updated standards to handle complex financial systems.

Business Standard

Reliance Infra cuts standalone external debt by 88% to ₹475 crore

The company recently announced its plan of raising long-term capital

Business Standard

Reliance Infrastructure settles its disputes with Adani Electricity Mumbai and Adani Energy Solutions

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The Economic Times

Reliance Retail to transfer most of its FMCG brands to RCPL to scale up the business

Reliance Retail is set to transfer its FMCG brands, including Campa and various private labels, to Reliance Consumer Products Ltd (RCPL) for rapid business expansion. RCPL plans exclusive bottling plants for Campa and is preparing for a capital infusion of up to Rs 3,900 crore through equity and debt. This strategic move aims at enhancing brand availability.

Mint

RCap resolution: NCLAT seeks Hinduja's reply on lenders' plea to forfeit equity

The lenders are primarily seeking a modification of the NCLT order of 23 July, which allowed IIHL to take over Reliance Capital for ₹9,861 crore

Business Standard

NCLAT issues notice to IIHL on RCap plea seeking interest on payment

The NCLAT on Friday issued a notice to IndusInd International Holdings Ltd (IIHL) over a plea filed by lenders of Reliance Capital seeking interest on the payment for the extended period. A three-member bench led by Chairperson Justice Ashok Bhushan directed the Hinduja Group firm, IIHL to file reply within two weeks. The National Company Law Appellate Tribunal (NCLAT) was hearing the petition from Committee of Creditors (CoC) of RCap. The lenders have sought modification in the order passed by the Mumbai Bench of National Company Law Tribunal (NCLT), which had on July 23, directed IIHL to deposit the equity component of Rs 2,750 crore in the CoC escrow accounts. It has requested the appellate tribunal to direct IIHL to "allow interest on the Upfront Cash Amount till August 8, 2024" and also " allow interest on debt component of Upfront Cash Amount from August 8, 2024 till Transfer Date which is the date of payment of Upfront Cash Amount" of Rs 9,660 crore. Mauritius-based IIHL ..

The Economic Times

NCLAT issues notice to IIHL on Reliance Capital plea seeking interest on payment for extended period

The NCLAT has issued a notice to IndusInd International Holdings Ltd over a plea by Reliance Capital's lenders seeking interest on delayed payments. The lenders want modifications to an earlier order and are asking for interest on the upfront cash amount until August 2024. IIHL must respond within two weeks.

CNBC TV18

Reliance Industries approves 1:1 bonus issue of shares, increase in share capital

Shares of Reliance Industries have risen 17% so far in 2024 and are trading above the mark of ₹3,000. The stock is also trading close to its all-time high of ₹3,217, which it made in the month of July.

The Economic Times

Hindujas' acquisition of RCap hits tax dues hurdle

IndusInd International Holdings' ₹9,861-crore acquisition of Reliance Capital faces a new hurdle as the company seeks to adjust over ₹1,000 crore in GST dues owed by Reliance Capital's insurance subsidiaries. Creditors are reluctant to accept this adjustment, leading to a deadlock that may require NCLT intervention.

The Economic Times

Reliance plans Rs 3.9k-cr infusion into FMCG unit to step up play

Reliance is set to inject up to ₹3,900 crore into its FMCG division, Reliance Consumer Products Ltd (RCPL), through a combination of equity and debt. This significant capital infusion aims to enhance its competitive stance against major players like Hindustan Unilever, ITC, and Coca-Cola.

Mint

Lenders to Reliance Capital accuse IIHL of using delaying tactics, company denies allegations

Lenders to RCAP accuse IIHL of using delaying tactics, company denies allegations.

Business Standard

RCap lenders accuse IIHL of using delaying tactics, firm denies allegations

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought. It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024. The message sent to IIHL for comments on the issue did not elicit response till the filing of the story. According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending. DIPP approval is required as some of the shareholders o

The Economic Times

Lenders to RCAP accuse IIHL of using delaying tactics, company denies allegations

Lenders to debt-laden Reliance Capital have accused Hinduja Group's IIHL of delaying the resolution plan approved by NCLT for Rs 9,861 crore. IIHL awaits approval from India's DIPP. NCLT has directed RBI and DIPP to expedite this process, with a hearing set for September 19, 2024.

The Economic Times

Reliance aims to make Jamnagar the energy capital of the world; unveils big plans for its new energy biz

Reliance Industries Limited's Chairman, Mukesh Ambani, has announced plans to make Jamnagar the world's energy capital, including solar photovoltaic module production by year-end. Ambani expects the new energy business to become profitable within 5-7 years.

Mint

Reliance Capital to be rebranded under IndusInd after takeover, Hindujas tell NCLT

Anil Dhirubhai Ambani Ventures is seeking a recall of a portion of the NCLT’s 27 February order that allowed IndusInd International Holdings to take over Reliance Capital for a bid worth ₹9,861 crore

The Economic Times

India sets out to close a critical accounting standard gap to align itself with global peers

The NFRA, backed by RBI and Sebi, is urging the Institute of Chartered Accountants of India to update SA 600 in line with revised international auditing standards. This update aims to address regulatory gaps and audit failures in cases like Reliance Capital and IL&FS, ensuring better protection for investors through phased implementation.

Business Standard

RCap lenders raise concerns over Rs 7.3k cr debt term sheet offered by IIHL

Lenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said. This makes the drawdown of funds needed to settle payments to the debtors of RCAP for the resolution plan virtually impossible, sources said. Message to IIHL seeking comments on the issue did not elicit any response till the filing of the story. Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements. The CoC has requested that IIHL should also provide these definitive documents for review, they said. Notably, IIHL is raising R

The Economic Times

Lenders to Reliance Cap raise concerns over Rs 7,300 cr debt term sheet offered by IIHL

Lenders to debt-laden Reliance Capital expressed concerns over the term sheet provided by IIHL for Rs 7,300 crore debt mobilisation, citing numerous conditions. The CoC sought further documents and moved to forfeit IIHL's Rs 2,750 crore escrow amount if defaults occurred. Interest on the debt from August 8 was also demanded.

Mint

Reliance Capital lenders red-flag Hinduja’s ₹7,300 crore debt proposal

The committee of creditors and IIHL are at odds over delays in executing the resolution plan for Reliance Capital, as creditors voice concerns about the conditions tied to the proposed ₹7,300 crore debt raise.

Business Standard

NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan

The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan. After IIHL breached the third deadline on May 27, the NCLT on July 23 exten

The Economic Times

IIHL transfers money to creditors in first step to take over Reliance Capital

Earlier on August 1, creditors to Anil Ambani-promoted Reliance Capital, led by bond holders trustee Vistra ITCL (India) in a letter to Mauritius-based IIHL had warned the Hinduja company about consequences for failing to pay the Rs 2,750 crore to take over the debt-laden company by the July 31 deadline.

The Economic Times

Tariff hikes signal better profitability for telecom industry going forward: ICRA

Bharti Airtel and Reliance Jio announced significant tariff hikes, impacting consumers. The industry is set to experience improved financial metrics and operating profits, allowing for deleveraging and funding capex. ICRA forecasts strong industry revenue growth and debt level moderation, with expectations of enhanced Return on Capital Employed for FY2025.

The Economic Times

Reliance Retail's FMCG plans stay in fast lane with funds on tap

RCPL has raised a total of ₹1,053 crore as debt capital from the parent company over 14 months, according to the filings. RCPL began operations in November 2022 and completed its first full year in FY24. In the filings, RCPL said the proceeds will be used for business operations. A senior industry executive, aware of the plans, said the funding from the parent into RCPL will continue in this fiscal as well, since Reliance has plans to rapidly grow the FMCG business.