Reliance Capital Resolution: NCLT Orders Hindujas to Deposit ₹2,750 Crore in Special Account
The National Company Law Tribunal (NCLT) has instructed the Hinduja Group’s IndusInd International Holdings Ltd (IIHL) to deposit ₹2,750 crore into a special escrow account. This move is part of the plan to resolve Reliance Capital’s financial issues.
Key Points:
- Escrow Account Deposit: IIHL must deposit ₹2,750 crore into an escrow account designated by the Committee of Creditors (CoC) by July 31.
- Resolution Plan: The tribunal ordered IIHL to fully implement the resolution plan by August 10.
- Hindujas’ Compliance: Hindujas have submitted a compliance affidavit stating that they have deposited the required funds, but in the accounts of Ashok, Harsha, and Shom Hinduja.
- Bank Details Needed: Mauritius banks have requested KYC details, a tripartite escrow agreement, a resolution from IIHL’s Board of Directors, and the purpose of the funds to process the remittance.
- Hearing: The NCLT was responding to a petition from Hindujas seeking more time and modifications to an earlier order. The tribunal partly allowed the appeal but emphasized timely implementation.
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