New Delhi: The Reserve Bank of India has started the process of selling Anil Ambani’s company
Anil Ambani, a businessman who has lost money in his business and is mired in debt, continues to have problems. SEBI had earlier imposed restrictions on his company and is now preparing to sell to the company.
Anil Ambani, an executive appointed by the Reserve Bank of India, has called for the sale of Reliance Capital, also known as the expression of interest (EOI).
This is the first step in Reliance’s sales process.
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What is EOI?
The Reserve Bank’s EOI is a sign that Anil Ambani’s company is about to start selling. Thus, companies wishing to purchase Reliance Capital must provide a letter of intent.
The last date to submit an offer to buy Reliance Capitals is March 11. At the same time, the last date for submission of Reliance Capital’s resolution plan is April 20. In such a scenario the day when Reliance Capital goes on sale is not far off.
The difficulties of Reliance Capital continue to increase and the effect is echoed in the stock market. Yesterday (February 19, 2022), Reliance Capital’s share price fell sharply.
At the close of trade, Reliance Capital was down 2.48 per cent at Rs 13.75. Reliance Capitals has a market capitalization of Rs 347.47 crore.
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Reserve Bank action
The Reserve Bank of India (RBI) on November 29 last year dissolved the board of directors of Reliance Capital (RCL) due to defaults in payments and serious problems with the company’s performance.
Subsequently, Nageshwara Rao was appointed by the Reserve Bank of India as the Managing Director of Reliance Capital. Following that, the RBI appealed to the Mumbai bench of the National Company Law Tribunal (NCALT) to initiate the National Company Law Tribunal (NCALT), a corporate insolvency resolution against Reliance Capital.
At the same time, Anil Ambani’s financial institution Reliance Home Finance was also banned from trading in the market. All this makes it clear that Anil Ambani is surrounded by issues.
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