Business
Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability

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.
These legal issues involve a cumulative liability of Rs 22,000 crore, and they need quick resolution for the successful closure of RCAP’s resolution plan.
According to sources, the bidders are likely to make a condition precedent of these issues to any payment to the lenders.
The two big issues flagged off by the bidders are the impending resolution of Reliance Home Finance Ltd (RHFL) and the legal battle between the Administrator and IDBI Trusteeship for the control of Reliance General Insurance’s shares, which is pending in the NCLT.
Authum Investment and Infrastructure Ltd had been selected as the successful bidder for RHFL in June 2021, but the resolution process has not yet been completed due to various litigation involving the debenture holders. The total debt of RHFL is Rs 11,500 crore.
As far as Reliance General Insurance is concerned, the Independent actuarial Tower Watson has valued this business at Rs 9,500 crore.
Apart from these, the two other legal cases flagged off by the bidders are Axis Bank’s claim of Rs 150 crore against Reliance Capital, which the bank has lost in the NCLT, and a case involving Administrator and IndusInd Bank, involving arbitration of Nippon Asset Management shares. The total liability in this matter is Rs 650 crore.
The last date for submitting binding bids is November 28.
The quick resolution of these legal matters is a challenge for the Administrator for the successful closure of the RCAP resolution plan.
Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries.
Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital’s entire assets.
For Reliance General Insurance business, Piramal Finance has bid Rs 3,600 crore, while Zurich Insurance’s bid is Rs 3,700 crore.
The third bidder, Advent, has bid Rs 7,000 crore for Reliance General Insurance.
Jindal Steel and Power and UVARC have submitted bids for Reliance Capital’s ARC business.
For other assorted assets of Reliance Capital, 3 bidders — Choice Equity, Global Fincap, and Grand Bhawan — have submitted the bids.
RCAP’s life insurance business, RNLIC, had not received any bid, but later on Aditya Birla Capital and Nippon Life Insurance, which is already holding 49 per cent equity in RNLIC, have evinced interest in acquiring RCAP’s 51 per cent stake in this business.
At the beginning of the resolution process of Reliance Capital over 54 companies had submitted Expression of Interest (EOI) for its various assets, out of which only 14 are now in the fray.
International
Striking Iranian regime targets with unprecedented force: Israel Defence Minister

New Delhi, June 23: Israel’s Defence Minister Israel Katz announced Monday that the Israel Defence Forces (IDF) are currently striking with “unprecedented force” regime targets and governmental repression bodies in the heart of Tehran.
“In accordance with the directives of Prime Minister Benjamin Netanyahu and myself, the IDF is now attacking with unprecedented force regime targets and government repression bodies in the heart of Tehran, including the Basij headquarters, Evin prison for political prisoners and regime opponents, the ‘Israel Destruction’ clock in Palestine Square, the Revolutionary Guards’ internal security headquarters, the ideology headquarters, and other regime targets,” Katz posted on X.
He added, “For every shot fired at the Israeli home front, the Iranian dictator will be punished. The attacks will continue with full force. We will keep acting to protect the home front and defeat the enemy until all war goals are achieved.”
Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei on Monday issued a stern warning in his first reaction following US strikes on Iranian nuclear sites.
“The Zionist enemy has made a big mistake, committed a big crime; it must be punished, and it is being punished right now,” Khamenei said on X, calling the attacks “a big crime.”
The US strikes came after Israeli attacks on June 13 that targetted various locations in Iran, including nuclear and military sites, resulting in the deaths of senior commanders and nuclear scientists.
In response, Iran also launched missile and drone strikes on Israel.
Earlier that day, Israeli Prime Minister Benjamin Netanyahu reiterated the country’s determination to press on with its operations.
“Israel will continue to operate at full tilt in both Iran and Gaza,” he said, adding, “We will not stop this historic operation before we achieve our goals.”
International
Israel makes new raids on Iran after intercepting missile

Jerusalem, June 23: Israel conducted a new wave of airstrikes on Iran early Monday, shortly after intercepting a missile fired from Iran, said the Israeli military.
The Israeli Air Force targetted what it described as “military infrastructure sites” in Iran’s Kermanshah province, striking surface-to-surface missile launch and storage facilities, the military said in a statement. More than 15 warplanes participated in the operation.
The strikes came shortly after Iran fired a missile at Israel before dawn and triggered air raid sirens across much of the country. The Israeli military said the missile was shot down, causing no casualties or damage.
The Iranian attack followed US President Donald Trump’s suggestion of a possible regime change in Iran, as US bombers and submarines carried out heavy strikes on Iranian nuclear facilities, Xinhua news agency reported.
Earlier in the day, Iran’s Supreme Leader Ayatollah Ali Khamenei, in his first reaction following the US strikes on Iranian nuclear sites, said that the punishment for Israel, referred to as the “Zionist enemy,” will continue.
Calling the attacks “a big crime,” Khamenei warned of retaliation.
Talking to X, he stated, “The punishment continues. The Zionist enemy has made a big mistake, committed a big crime; it must be punished, and it is being punished; it is being punished right now.”
The US strikes followed Israeli attacks launched on June 13 on various targets in Iran, including nuclear and military sites, killing several senior commanders, nuclear scientists, and civilians, Xinhua news agency reported.
Iran has retaliated with missile and drone strikes on Israel.
Earlier on Sunday, Israeli Prime Minister Benjamin Netanyahu affirmed that Israel would press ahead with its operations. “Israel will continue to operate at full tilt in both Iran and Gaza,” he said, vowing not to be “dragged into a war of attrition.”
“We will not stop this historic operation before we achieve our goals,” Netanyahu stated.
Meanwhile, several reports cited that, a day after US strikes on Iran’s nuclear facilities, the Iranian parliament voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints. Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council..
The US strikes on three Iranian nuclear sites — dubbed “Operation Midnight Hammer” – in Isfahan, Fordow, and Natanz mark the first direct involvement of America in the escalating crisis between Iran and Israel.
International
Iran executes man accused of spying for Israel

Tehran, June 23: Iran on Monday executed a man found to be guilty of spying for the Israeli intelligence service, the judiciary of the Islamic Republic reported.
“Mohammad Amin Mahdavi Shayesteh was hanged this morning for intelligence cooperation with the Zionist regime,” stated the judiciary of Iran. (Zionist regime is the term used by Iran for Israel)
Shayesteh was arrested in 2023 for having alleged links to Mossad, Israel’s intelligence agency.
This comes as tensions continue to escalate between Iran and Israel.
Earlier also, on June 14, the Iranian authorities executed a man accused of espionage for Mossad.
“Israeli Mossad spy executed after full criminal trial, the verdict being upheld by Iran’s Supreme Court,” reported Iran’s Mehr news agency.
According to reports, Esmail Fekri was arrested in December 2023 during a complex intelligence operation conducted by the Iranian security agencies.
The execution comes at a time when the war between the two countries continues to intensify and has drawn global attention for threatening the peace of the entire West Asia, a region already facing massive geopolitical turbulence.
Not much information about Fakhri’s arrest, trial proceedings, or specific charges has been revealed, as cases dealing with espionage rarely provide full details, given the sensitivities attached to it.
The Mizan news agency of the Iranian judiciary reported that Fekri sought to send Iran’s classified and sensitive information to Mossad in return for money.
Iran, in late May, had also announced the execution of another individual, identified as Pedram Madani, on the conviction of spying for Israel.
The Iranian media claimed on Sunday that the police in Alborz province in the west of Tehran had arrested two people suspected of having links to Mossad. Later in the day, Israel said it had also arrested two citizens suspected of working for Iran’s intelligence services.
These cases reflect ongoing tensions between Iran and Israeli intelligence agencies, which have been engaged in covert intelligence and counterintelligence operations and have dealt a heavy blow to each other via covert operations.
The two intelligence agencies are engaged in a tit-for-tat campaign combining classic espionage, sabotage, aerial strikes and other covert assassinations.
Several reports claimed that Israeli spies were already on the ground and smuggling weapons into the hostile territory, much before the launch of airstrikes on Tehran.
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