Hindujas-promoted IndusInd International Holdings has filed an application with the National Company Law Tribunal, Mumbai seeking time till August 10 to complete the acquisition of Reliance Capital subject to approval of certain modification in the previous order.
IndusInd International has confirmed to the Committee of Creditors that it has signed the binding term sheets with the lenders and capital infusion of ₹2,750 crore.
In a separate letter written to administrator of Reliance Capital, the company has urged the administrator to complete the formalities for opening the escrow account before the funds can be disbursed or credited.
For the purposes of remittance of funds, banks in Mauritius, the company’s banker, have specifically requested for certain details, without which they will not be able to act upon the remittance instructions from our end, it said.
KYC details
The company want KYC details of Vistra (designated entity of COC) duly executed tripartite escrow agreement by all stakeholders, certified true copy of the resolution authorising Vistra, certified true copy of resolution passed by board of directors of IIHL and end use of the funds to be remitted.
IIHL has asked the administrator and CoC to implement certain requirements that were part of the resolution plan and were approved by the CoC itself which are pending actions as on date. It has listed out the pending work including finalisation and appointment of the trustee for carving out the assets that are excluded from Reliance Capital, list of the creditors and their distribution break-up as to whom payment has to be made,
This apart, other works to be completed include record date for delisting of equity shares and NCDs of Reliance Capital, application for delisting of equity shares and NCDs of Reliance Capital, formalities for reduction of the share capital of Reliance Capital, Escrow Agreement for creation of an escrow account and outstanding issue of GST, it said.
NCLT on May 26 approved IIHL’s application for an extension of the May 27 deadline for paying ₹8000 crore to acquire Reliance Capital. The group has cited pending regulatory approvals and compliance requirements as reasons for its extension.
Early this month, NCLT directed IIHL to submit to the Monitoring Committee copies of the binding executed term sheets for the loan amount of ₹7,300 crore, and such loan shall be disbursed to the credit of the designated account before July 31.