The authority has slapped penalties totalling Rs 4.5 crore on an audit firm and two auditors for professional misconduct for alleged auditing lapses of Reliance Capital's financials in 2018-19.
Prior to initiating the Swiss Challenge process, LIC had received a binding bid from ACRE SSG, Singapore, which offered 27 cents for each dollar, resulting in a 73 per cent haircut for LIC.
In a setback to the ongoing Reliance Capital resolution process, the proposed joint venture arrangement between Piramal Finance and Zurich Insurance formed to place a joint bid for Reliance General Insurance Company (RGIC), has collapsed.
The Committee of Creditors (COC) of Reliance Capital, which met on Friday to decide on the Challenge Mechanism process, remained divided and undecided on the modalities of the proposed process to be adopted in the bidding process.
The Committee of Creditors (CoC) of Reliance Capital (RCAP) is scheduled to meet on Friday to decide on the newly-introduced clause, Challenge Mechanism, in the final binding process.
As the deadline for the submission of binding bids approaches, the bidders of Reliance Capital, including Hinduja, Torrent, Zurich, and Piramal have flagged off various legal issues to the lenders and Administrator, involving Reliance Capital and its subsidiaries.
According to sources, Piramal Finance has sought extension by 12 weeks, while Advent has sought time till January 30, 2023, i.e., 16 weeks extension for submission of binding bid.
The proposed sale price is at a substantial altogether unwarranted discount to the intrinsic value of Prime Focus Ltd's shares.
The debt-ridden company had posted a loss of Rs 110 crore in the same period a year ago, the company said in a regulatory filing.
The company said all resources have been utilized to support group debt servicing of Rs 35,000 crore in the past 14 months.
