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Debt-plagued Reliance Capital's insolvency proceedings will be delayed as the National Company Law Tribunal (NCLT) on Tuesday suspended the resolution process at the request of Torrent Group. This means that lenders will not be able to receive a call on Hinduja Group's revised offer until January 12, when the NCLT will hear the matter next. The provisional stay was provided after the Torrent Group filed an interlocutory request on Monday. Torrent Investments, a group company, filed a petition with NCLT asking the RCap administrator not to accept Hinduja's revised bids that were submitted a day after the electronic auctions ended. The petition was filed on Monday, a day before the crucial meeting of the creditors' committee was scheduled to finalize the resolution process and decide the winning bidder.
Meanwhile, outgoing BharatPe CEO Suhail Sameer will launch a new early-stage venture capital fund to invest in consumer technology and fintech startups alongside two former co-founders. In an interaction with FE on Tuesday, Sameer said the early-stage fund would be domiciled in India, but would have both Indian and global investors. Although he did not share the size of the corpus, Sameer added that the general partners are existing emerging investors. Sameer resigned from him as chief executive of BharatPe on Tuesday and is becoming an adviser to the fintech unicorn. BharatPe said in a statement that he will step down as of January 7, while the company's current CFO Nalin Negi will be appointed interim CEO. The board of directors has hired a leading executive search firm to help with succession planning and the critical search for the chief executive, BharatPe added in his statement.
In some more industry news, National Asset Reconstruction Company and Athum Investment and Infrastructure are leading the race to acquire two insolvent Srei companies as the creditor-adopted challenge mechanism process progressed to Tuesday night. It emerged that a consortium of Varde Partners and Arena Investors, which was in the running since the beginning of the CIRP process for the two NBFCs, slipped to third position as it dropped out in the initial rounds of the challenge mechanism to invite new plans. resolution of potential eligible resolution applicants. The three bidders, NARCL, the consortium of Varde Partners and Arena Investors, and Autumn Investment, participated in the challenge mechanism process that began earlier in the day.
In some IPO news, the Securities and Exchange Board of India has asked Oravel Stays, the parent company of travel technology company Oyo, to resubmit draft documents for its IPO. with corresponding updates and revisions. The offer document was returned to the company with such notice on December 30, according to an update to the regulator's website on Tuesday. The regulator has not elaborated on the type of additional information it is seeking, but it may include reviews based on valuation, key performance indicators, risk factors and pending litigation, according to the reports. This could delay the Gurgaon-based hotel company's IPO by at least three months. The company first filed preliminary documents with the regulator in September 2021.
In the economy sector, the Ministry of Finance has asked all banks to appoint nodal officials, who would act as a single point of contact for exporters and importers who wish to settle foreign trade in national currency, since it seeks to promote the so-called "rupee trading" in a big way. At a meeting last month, the financial services department also urged banks to ensure that their relevant operating units are fully aware of the intricate details of the mechanism for settling foreign trade in the rupee so that they can help traders, officials and banks. sources told FE. Given the technical and other issues involved in putting such a facility into operation, the government has asked the Banking Association of India to carry out special campaigns and workshops to sensitize the commercial customers of the banks. The Reserve Bank of India has already published FAQs on this matter.
Lastly, Reliance Consumer Products, the FMCG arm and a wholly owned subsidiary of Reliance Retail Ventures, will acquire a 50% stake in Gujarat-based Sosyo Hajoori Beverages, which owns and operates a beverage business under the flagship brand ' Sosyo', said RCPL in a press release. The existing promoters, the Hajoori family, will continue to own the remaining stake in SHBPL. Sosyo is an Indian brand with over 100 years of legacy in carbonated soft drinks and juices. It has several beverage brands in its portfolio, including Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, and Hajoori Soda. Speaking about the investment, Isha Ambani, CEO of RCPL, said: "This investment helps us carry out our vision of empowering local heritage brands and presenting them with new opportunities for growth."
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