Reserve Bank of India approves Hinduja Group directors on the board of bankrupt Reliance Capital
Banking & Finance
The Reserve Bank of India (RBI) has approved the appointment of five Hinduja Group representatives as directors on the board of debt-ridden Reliance Capital. The directors, he said, are Amar Chintapanth, Sharadchandra V Zaregaonkar, Moses Newling Harding John, Bhumika Batra and Arun Tiwari. The RBI nod for appointment of directors comes amid no objection to transfer of control of Reliance Capital Ltd to IIHL BFSI (India) Ltd, a wholly owned subsidiary of Hinduja group company IndusInd International Holdings Ltd (IIHL). While approving the Rs 10,000 crore resolution plan and appointment of directors, the RBI has stipulated that as per the change of control and management, the company will maintain strict abstinence in respect of any transactions with Hinduja Group-run IndusInd Bank. RBI has also directed that a copy of the order of the National Company Law Tribunal (NCLT) approving the resolution plan of IIHL has to be submitted to the bank.
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