IndusInd International Holding has confirmed that it has completed its obligation of depositing of entire equity capital contribution of ₹2,750 crore as mandated by NCLT for the takeover of Reliance Capital.
The Hindujas promoted company has filed an affidavit confirming the payment along with the bank certificates with NCLT on July 31.
The order of NCLT required IIHL to deposit monies in an “escrow account designated by the CoC” and not “operated” or “controlled” by the CoC.
Despite this, IIHL said CoC communicated through the Administrator, details of the bank account of Vistra – operated and controlled by CoC - in complete defiance of NCLT order.
CoC has also not provided any escrow arrangement terms and details to date and this left IIHL with no choice but to deposit monies in its own account, it said.
Further, IIHL was constrained to approach NCLT seeking clarification to the Order dated July 23, 2024, and in the interim, awaiting clarity and hearing of the IA, in complete bonafide and in full interest to close the transaction at the earliest, deposited the monies in its respective accounts.
There is neither any default nor any contempt by IIHL to comply with its obligations as directed by NCLT. The application and the affidavit specifically among other aspects seek clarity from the NCLT in this regard, it said.
IIHL therefore vehemently denies that there has been any contempt of the NCLT order as alleged by the Administrator in its submissions before NCLT.
IIHL once again confirms its commitment towards the implementation of the Resolution Plan on receipt of clarity from the NCLT and completion of necessary actions under the Resolution Plan by all stakeholders, it said.