Mumbai, Nov 30, : Reliance Capital Limited welcomes the Reserve Bank of India (RBIs) decision to resolve the Company’s debt in accordance the IBC Code.
The company stated that the complexity of litigation initiated and funded by certain secured and unsecure lenders has resulted in over 10 cases languishing in various forums, including the Supreme Court, Mumbai High Court, Delhi High Court, and DRT.This has effectively stalled the Companys resolution of its debt, despite its best efforts over the past 2 years.The company has a number of profitable and valuable operating businesses.
Its 100 percent shareholding in RGIC, 51 percent shareholdings in RNLIC (a JV between Nippon Life Co.of Japan and global leader, Nippon Life Co.of Japan) make up the majority of the Companys value, as a Core Investment Company (CIC) and other financial investments.The Company does not have any outstanding loans from banks, and approximately 95% of its debt is in the way of debentures.
The Company is looking forward to a prompt resolution of its debt and continued as a well-capitalised going concern through IBC, in the best interests of all its stakeholders including customers, lenders, and shareholders.san/dp #Reliance #welcomes #move #resolve #companys #debt #Delhi #Mumbai.
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