INSUBCONTINENT EXCLUSIVE:
Mumbai: The trustee of the debenture holders of Reliance Capital has approached the Bombay High Court to protect its investment in Reliance
restrain Nippon India Mutual Fund, Nippon Life India Asset Management and IDBI Trusteeship from dealing with pledged shares of RGIC.
Vistra
ITCL is a debenture trustee for the non-convertible debentures (NCDs) and was appointed by the Reliance Capital as trustee in respect of
secured redeemable nonconvertible debentures of aggregate nominal value of Rs 5,000 crore
The trustee entered into the trust deed in October 2016 with regards to the security of its debenture holders, which is the investment of
Reliance Capital in the shares of RGIC
Emailed queries to Nippon India MF, and Reliance Capital remained unanswered
Nippon Life India Asset Management, IDBI Trusteeship, RGIC could not be contacted immediately.
Vistra ITCL declined to comment as a court is
yet to pass a verdict on the subject.
The trustee has claimed in its petition that both Nippon India MF and Nippon Life India Asset, while
shares of the RGIC to itself
Those shares are currently in the demat account of IDBI Trusteeship.
The trustee, Vistra ITCL, formerly known as IL-FS Trust Company claims
alleged other charge created by the company in favour of local subsidiaries of the Japanese financial behemoth