Reliance Capital acquisition process stalled due to IIHL's pending regulatory approval from DIPP.

Lenders to Reliance Capital accuse Hinduja Group's IndusInd International Holdings Ltd (IIHL) of delaying the acquisition process for the troubled company. IIHL's request for approval from India's Department of Industrial Policy and Promotion (DIPP) is pending, as some shareholders are from Hong Kong, requiring compliance with Press Note 3. This delay has stalled the resolution plan, with the next NCLT hearing set for September 19, 2024.

September 01, 2024
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