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IIHL asked to submit new plan for Rel Cap buy
The Morning Standard
|October 16, 2023
THE resolution of Reliance Capital insolvency case could hit a roadblock after the insurance regulator - Insurance Regulatory and Development Athority of India (IRDAI) - rejected Hinduja Group-led IIHL's proposal to raise funds by pledging shares of Reliance General Insurance and Reliance Nippon Life Insurance.
IIHL, which emerged as the successful resolution applicant, wanted to raise this fund to acquire Reliance Capital.
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