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Will Ambani's poor company's investors' sweat earnings sink or return? Preparations for delisting are underway

Reliance Capital, the heavily indebted company of Anil Ambani, younger brother of Mukesh Ambani, the country's richest businessman, will now disappear from the stock market. Anil Ambani's company Reliance Capital, caught in a serious financial crisis, will now be delisted from the Indian stock exchanges.
4 Month ago

Reliance Capital, the heavily indebted company of Anil Ambani, younger brother of Mukesh Ambani, the country's richest businessman, will now disappear from the stock market. Anil Ambani's company Reliance Capital, caught in a serious financial crisis, will now be delisted from the Indian stock exchanges. The company gave this information in an exchange filing today.

NCLT handed over the reins of RCL to Hinduja Group

The National Company Law Tribunal has allowed Hinduja Group to buy Reliance Capital. Trading in shares of Reliance Capital is closed from 26 February 2024 i.e. this Monday. In an exchange filing, Reliance Capital announced that it is considering delisting the existing equity shares of the company from the exchanges under the approved resolution plan as the approved resolution plan contemplates delisting the existing equity shares.

Know what will happen to investors' money?

  • Reliance Capital's equity shares will be delisted from stock exchanges as per NCLT order and SEBI's Delisting of Equity Shares Regulations 2021.
  • The liquidation value for the equity shareholders of RCL has been fixed at nil. This means they will not receive any payment or offer.
  • As per NCLT approval order the entire existing share capital of RCL will be canceled and liquidated without compensation.
  • IIHL and the implementation unit along with its nominees will be the sole shareholders of Reliance Capital Limited.
  • The Stock Exchange of India will initiate the delisting process in accordance with the SEBI Delisting of Equity Shares Regulations and in compliance with the NCLT approved resolution plan and relevant rules.

IndusInd International Holdings Limited will become the new owner of Reliance Capital

Under the insolvency resolution process, the NCLT gave the green light to Hinduja Group company IndusInd International Holdings Ltd to buy Reliance Capital. IndusInd International Holdings for Reliance Capital Rs. A resolution plan of 9650 crores was presented.

Dhirubhai Ambani founded this company 37 years ago

Reliance Group founder Dhirubhai Ambani founded the company 37 years ago on March 5, 1986. Reliance Capital Limited was incorporated in Ahmedabad, Gujarat in 1986 as Reliance Capital & Finance Trust Limited. It was renamed Reliance Capital on 5 January 1995.

Anil Ambani, the promoter of Reliance Group, is the chief of Reliance Capital. On November 29, 2021, the Reserve Bank of India (RBI) dissolved the board of Reliance Capital in view of payment defaults and serious administrative problems.

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