Reliance
CoC stares at liquidation as IIHL and Torrent pause on bidding
The Supreme Court has listed the matter regarding the second auction for hearing in August. The Supreme Court on March 20 had admitted an appeal by Torrent Investments which was the highest bidder with Rs 8,640 crore against the lenders' decision to hold another round of auction. The court refused to stay the second round of the auction.
Torrent Investments unlikely to participate in 2nd auction for Reliance Capital
This is likely to hurt the process to maximise returns from the sale because only the Hinduja Group may be left in the fray. Earlier, while opposing the extension of the auction, in a letter to RBI Deputy Governor M. Rajeshwar Rao, Torrent Investments had sought directions to Nageswara Rao Y, administrator of Reliance Capital.
Srikanth Venkatachari new CFO of Reliance Industries, Alok Agarwal appointed advisor to Mukesh Ambani
He will take charge of the new responsibility from June 1. This information was given by the company in a stock exchange filing on Friday. The decision was taken by RIL's board of directors in a meeting held on Friday. Venkatachari, who is currently the Joint CFO of the company since 2011, will succeed Alok Agarwal.
Mukesh Ambani 9th wealthiest in the world, Adani at 23rd rank
For the third consecutive year, Ambani retained the wealthiest Asian title. With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani & family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank. Adani also lost the second richest Asian title in 2023.
Torrent Group to appeal against NCLAT order in Reliance Capital matter in SC
The Torrent group may request the Supreme Court to stay the National Company Law Appellate Tribunal's (NCLAT) order in favour of Reliance Capital lenders and allow another round of auction for the financial services company. The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the CoC from extending the auction round to find higher value for the company.
Torrent to move SC against NCLAT order allowing RCap's second auction
According to the apex court website, the Torrent Group petition is not listed so far, however sources said that the matter is likely to be mentioned next week on reopening of the court after Holi break. Earlier this month, the NCLAT order came on a petition filed by Vistra ITCL (India), which is one of the lenders of Reliance Capital, against NCLT order restricting further auction.
Will Reliance Capital lenders get their dues fast or will there be legal delays
Recently, the National Company Law Appellate Tribunal (NCLAT) ordered in favour of Reliance Capital lenders and allowed another round of auction for the financial services company. The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the Committee of Creditors (CoC) from extending the auction.
Reliance Jio to bring 5G to every Indian by Dec 2023: Akash Ambani
Addressing a post-budget webinar coordinated by the Ministry of Electronics and IT (MeitY) and Department of Promotion of Industry and Internal Trade (DPIIT), he added that this will be the world's fastest 5G rollout.Jio has deployed "more than 40,000 sites and nearly 2,50,000 cells of 5G network in 700 Mhz as well as in the 3500Mhz band. We are on the path.
'More value to be discovered, NCLT has usurped the jurisdiction of the CoC', RCap to NCLAT
Earlier this month, NCLAT had issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. Vistra ITCL (India) Ltd, one of the members of the CoC of Reliance Capital, has moved NCLAT against an NCLT order.
Reliance Group trouble-shooter Tony Jesudasan dies at 71
Anthony (Tony) Jesudasan, a well-known and high-profile corporate communications and corporate affairs professional, was suffering from heart ailments and was under treatment at Medanta Hospital in Gurugram. Earlier this month, he suffered a heart attack just as he took a flight from Bhopal. On arrival, he was taken to Fortis Hospital, and underwent angioplasty.
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