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.
Business
Mumbai: Social Activist Demands Action Against Police Officers For Negligence In Torres Multi-Crore Scam Investigation
Mumbai: In a serious development concerning Torres massive financial fraud case, a Social Activist Shashikant Kawale has called for action against police officers who allegedly neglected their duty despite receiving prior warnings about fraudulent activities.
Social Activist Shashikant Kawale wrote a letter addressed to senior law enforcement authorities, including the Commissioners of Mumbai and Navi Mumbai Police, the Maharashtra Cyber Crime Department, the Economic Offences Wing, and the Enforcement Directorate, has raised serious questions about the delay in action against fraudulent companies operating in Mumbai and surrounding areas. The letter highlights gross negligence by responsible officers despite early warnings regarding Torres Scam.
Whistle Blower Flags Concerns
The Whistle blower Shashikant Kawale had previously flagged concerns, urging the authorities to investigate the legality of these companies’ operations, government-issued licenses, mandates, board of directors, and operational documents. Specifically, the letter called for a detailed probe into the working methods and financial inflows/outflows of the company, Records of investors and agents involved and The suspiciously high monthly returns promised by the Torres Company.
About The Allegations
The letter alleges that had an inquiry been launched promptly, it would have prevented many investors from falling prey to false promises, sparing them from financial devastation. Despite explicit warnings that the companies were preparing to flee after defrauding investors, no significant action was taken.
The Social Activist Kawale has demanded an inquiry into officers who failed to act on the provided information, urging that those found guilty be held accountable under applicable regulations. The letter further appeals for systemic reforms to prevent the recurrence of such incidents.A social activist from Dharavi, Shashikant Kavale, first raised red flags in November last year and approached the Shivaji Park police and EOW, highlighting Torres’ dubious practices.
Business
JSW MG Motor India Unveils Cyberster Roadster & M9 Limousine At Bharat Mobility Expo 2025
New Delhi: MG Motor India has made a bold statement at the Bharat Mobility Global Expo 2025 with the launch of two groundbreaking electric vehicles—the MG Cyberster, India’s first all-electric roadster, and the MG M9, India’s first electric three-row presidential limousine.
These models, introduced under the new luxury brand channel, MG Select, highlight the company’s vision of bringing intelligent, sustainable, and customer-focused mobility solutions to India.
MG Cyberster: The All-Electric Roadster of the Future
The MG Cyberster takes luxury and performance to new heights as India’s first electric roadster. It features India’s first-ever electric scissor doors, opening and closing in just five seconds via a single-touch button. The built-in Dual Radar sensors ensure safety while opening the doors, while an anti-pinch feature prevents harm when closing.
Under the hood, the Cyberster delivers blistering acceleration, going from 0 to 100 kmph in just 3.2 seconds. The sleek, aerodynamic design is complemented by the industry’s slimmest 77 kWh battery pack, ensuring the vehicle remains both powerful and efficient, setting a new standard for modern roadsters.
MG M9: The Ultimate Electric Limousine
The MG M9 takes luxury to the next level with India’s first electric three-row presidential limousine. Designed for ultimate comfort, it features a touchscreen armrest for controlling reclining ottoman seats with 8 massage modes and 3-zone climate control.
The spacious cabin can accommodate seven passengers and offers features like a panoramic sunroof, front-opening skylight, and advanced audio systems for a theatre-like experience. With an electric-powered design, the MG M9 redefines the concept of luxury on wheels, offering unparalleled comfort and performance for discerning customers.
Business
Internet users to surpass 900 million in India this year, AI a game changer
New Delhi, Jan 16: Driven by the growing use of Indic languages for digital content, the internet user base in India is set to surpass 900 million by 2025, driven by the growing use of Indic languages for digital content, a report showed on Thursday.
The number of active internet users in India reached 886 million in 2024, marking a robust 8 per cent year-on-year growth. Rural India, with 488 million users, leads this growth and now accounts for 55 per cent of the total internet population, according to the report by the Internet and Mobile Association of India (IAMAI) and Kantar.
Nearly all internet users (98 per cent) accessed content in Indic languages, with Tamil, Telugu, and Malayalam emerging as the most popular due to their extensive availability.
Over half (57 per cent) of urban internet users prefer consuming content in regional languages, underscoring the growing demand for local language content across platforms, according to the report.
AI has emerged as a significant game changer over the past year. Nine out of 10 internet users have interacted with apps featuring embedded AI capabilities.
“The widespread acceptance and enthusiasm surrounding AI should encourage digital companies to introduce more next-generation AI features in India,” Biswapriya Bhattacharya, Director, B2B and Technology, Kantar Insights–South Asia, said.
The digital gender gap in India is steadily narrowing, with 47 per cent of all internet users in the country being women — so far the highest.
Female internet users now form a significant portion of shared device users in rural India at 58 per cent. This marks substantial progress in making digital access more inclusive and equitable over the years, the report noted.
Rural India dominates online engagement for top activities, including OTT video and music streaming, online communication, and social media usage, outpacing urban users in these categories.
Urban India leads in the adoption of non-traditional devices such as smart TVs and smart speakers, which have grown by 54 per cent between 2023 and 2024.
Concurrently, mobile devices remain the primary means of accessing the internet across both urban and rural demographics, said the report.
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