Friday, Sep 29, 2023
English News
  • Hyderabad
  • Telangana
  • AP News
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • Rewind
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Education Today
    • Reviews
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | Reliance Capital Objects To Stake Sale By Credit Suisse

Reliance Capital objects to stake sale by Credit Suisse

Reliance Mediaworks Financial Services Private Limited, an RCAP Group company, is one of the investors in PFL -- promoted by Naresh Malhotra and Namit Malhotra. Reliance Mediaworks holds 10.57 per cent stake in the PFL.

By PTI
Published Date - 08:07 PM, Mon - 28 December 20
Reliance Capital objects to stake sale by Credit Suisse
whatsapp facebook twitter telegram

New Delhi: Debt-ridden firm Reliance Capital on Monday raised objection to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL’s promoter group at Rs 44.15 per share.

Anil Ambani’s Reliance Group company Reliance Capital termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group, the company said in a statement.

However, Reliance Capital did not share the details of the “blatant abuse of the purported rights”.

Reliance Mediaworks Financial Services Private Limited, an RCAP Group company, is one of the investors in PFL — promoted by Naresh Malhotra and Namit Malhotra. Reliance Mediaworks holds 10.57 per cent stake in the PFL.

The company’s statement further alleged that the proposed sale is being attempted privately and clandestinely between 2 foreign entities, without any open, fair and transparent process being conducted to realise the true value of the shares and disregarding basic norms of conflict of interest.

“The proposed sale price is at a substantial altogether unwarranted discount to the intrinsic value of Prime Focus Ltd’s shares.

“The proposed transaction violates several laws, rules and regulations, including inter alia SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Foreign Exchange Management Act, 1999, and the extant RBI guidelines,” it said.

As legally advised, RCAP Group will seek all appropriate judicial and regulatory intervention to protect the interests of lenders and shareholders of PFL and Reliance Capital Ltd, it added.

Reliance Capital Group’s total outstanding debt is around Rs 20,000 crore.

Telangana Today Whatsapp
  • Follow Us :
  • Tags
  • Credit Suisse
  • Hyderabad
  • Latest news updates
  • Prime Focus Ltd (PFL)

Related News

  • Indian Navy wins Inter Services Athletics tournament first time in 72 years

    Indian Navy wins Inter Services Athletics tournament first time in 72 years

  • GHMC panel okays 16 projects under CSR

    GHMC panel okays 16 projects under CSR

  • Gouher Sultana to lead Hyderabad women’s senior team in T20 BCCI Tournament

    Gouher Sultana to lead Hyderabad women’s senior team in T20 BCCI Tournament

  • Revanth Reddy’s inner self is still painted TDP’s yellow

    Revanth Reddy’s inner self is still painted TDP’s yellow

  • DMX secures funding from DA Fleet Management Services

    DMX secures funding from DA Fleet Management Services

  • ODI World Cup, Warm-up match: Pakistan, New Zealand hope to get in groove quickly

    ODI World Cup, Warm-up match: Pakistan, New Zealand hope to get in groove quickly

Latest News

  • EAM Jaishankar, Blinken discuss global developments amid India-Canada diplomatic row

    33 seconds ago
  • Esha Singh-led Indian 10m air pistol women’s team clinches silver at Asian Games

    10 mins ago
  • Canadian police say probe into killing of Hardeep Singh Nijjar ‘active and ongoing’

    20 mins ago
  • Karnataka Bandh: Holiday declared in all schools, colleges in Bengaluru

    35 mins ago
  • We will win most number of medals in Asian Games, says Sports Minister Anurag Thakur

    55 mins ago
  • Sand artist Sudarshan Pattnaik pays tribute to MS Swaminathan with his sand sculpture

    1 hour ago
  • Opinion: Drive SDGs from grassroots

    9 hours ago
  • Jaishankar meets US NSA Sullivan, discusses progress in bilateral ties

    9 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam