{"id":5897,"date":"2021-11-30T11:16:54","date_gmt":"2021-11-30T05:46:54","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-stocks-rel-capital\/"},"modified":"2021-11-30T14:31:31","modified_gmt":"2021-11-30T09:01:31","slug":"biz-stocks-rel-capital","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-stocks-rel-capital\/","title":{"rendered":"Shares of Reliance Capital tumble 5% as RBI supersedes Co board"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3178493754\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p><span style=\"font-weight: 400;\">Shares of Reliance Capital Ltd on Tuesday tumbled 5 per cent to its lower circuit limit, a day after the Reserve Bank superseded the board of the Anil Ambani promoted company.<\/span><\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3799282800\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p><span style=\"font-weight: 400;\">Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. It has businesses in asset management, mutual funds, insurance, commercial finance, home finance, stockbroking, wealth management services and private equity among other activities in financial services.<\/span><\/p><p><span style=\"font-weight: 400;\">The Reserve Bank on Monday superseded the board of\u00a0Reliance Capital Ltd (RCL) and will shortly initiate bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues.<\/span><\/p><p><span style=\"font-weight: 400;\">Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the administrator of the company, the RBI said in a statement.<\/span><\/p><div class=\"trade-content_5\" id=\"trade-2787237890\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p><span style=\"font-weight: 400;\">Meanwhile, the company in a statement welcomed the RBI\u2019s move to resolve its debt under the Insolvency and Bankruptcy Code. The Creditors and the government are looking to recover the 758 billion rupees ($10 billion) owed to them by Reliance Communications Ltd., which shuttered its mobile service four years ago.<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cThe Company will cooperate fully with the Administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders,\u201d it said.<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cThe Reserve Bank has (Monday) superseded the Board of Directors of M\/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively,\u201d the central bank said.<\/span><\/p><p><span style=\"font-weight: 400;\">According to the latest financial reports, the company has nearly $9 billion worth of assets. The outstanding liability is $2.9 billion at the end of October.\u00a0 The company could have paid off the debt easily. However, various orders by courts and debt recovery tribunals have prevented the company from disposing of assets for more than two years now.<\/span><\/p><p><span style=\"font-weight: 400;\">It further said the Reserve Bank will shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.&nbsp;<\/span><\/p><p><span style=\"font-weight: 400;\">Reliance Capital joins a long list of Indian shadow banks that have suddenly collapsed. From infrastructure financier IL&amp;FS Group in September 2018 to Dewan Housing Finance Corp. which got sold to Indian billionaire Ajay Piramal. Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. were also taken over by the RBI last month and are going to be put through the bankruptcy tribunal.<\/span><\/p><div class=\"trade-content-10\" id=\"trade-3538279106\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p><span style=\"font-weight: 400;\">The shares of <a href=\"https:\/\/portal.tradebrains.in\/stock\/RELCAPITAL\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Reliance Capital Ltd <\/a>tanked 4.99 per cent to its lower circuit limit of Rs 18.10 on both the BSE and NSE.<\/span><\/p><div class=\"trade-after-content\" id=\"trade-2573800955\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Shares of Reliance Capital Ltd on Tuesday tumbled 5 per cent to its lower circuit limit, a day after the Reserve Bank superseded the board of the Anil Ambani promoted company. Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. It has businesses in asset management, [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":5938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1513,31],"tags":[1742,1744,1745,1743],"class_list":["post-5897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editor-pick","category-news","tag-future-of-reliance-capital","tag-reliance-capital-news-today","tag-reliance-capital-share-news","tag-shares-of-reliance-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shares of Reliance Capital tumble 5% as RBI supersedes Co board<\/title>\n<meta name=\"description\" content=\"Shares of Reliance Capital Ltd on Tuesday tumbled 5 per cent to its lower circuit limit, 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