| | DECEMBER 20239The Reserve Bank of India approved the resolution plan for debt-ridden Reliance Capital. The move finally clears the path for the Hinduja Group entity IndusInd International Holdings Ltd (IIHL) to acquire the company. This is to inform you that the Administrator of Reliance Capital Limited is in receipt of 'No objection' vide letter dated November 17, 2023, from the Reserve Bank of India, the company said in a regulatory filing.After a protracted battle, IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over Reliance Capital in the second round of auction concluded this April. The RBI on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the company.Reliance Capital is the third large non-banking financial company (NBFC) against which RBI had initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL). The central bank subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal. The board of Kotak Mahindra has formally approved Ashok Vaswani's tenure as MD & CEO, commencing on January 1, 2024, for a three-year term. The Reserve Bank of India granted its consent to this appointment in October. With an extensive career spanning more than three decades in banking, Vaswani formerly occupied the role of Chief Executive Officer at Barclays Bank in the United Kingdom. Subsequently, he led their global consumer, private, corporate, and payments sectors as CEO.Before his role at Barclays, Vaswani held the position of CEO at Citigroup Asia Pacific and was a member of both the Citigroup Global Operating & Management Committees. Vaswani's appointment comes after Uday Kotak's resignation as MD and CEO of Kotak Mahindra Bank in September. Kotak, who is also the bank's founder, led the institution for 21 years, concluding his tenure on December 31. Since the bank's inception in 2003, Uday Kotak has been the MD and CEO.In March, the board of the bank approved Kotak's appointment as a non-executive, non-independent director for a duration of five years. In his annual letter to shareholders, Kotak hinted at his plan to step down, stating, "Looking ahead, I envision my role as a non-executive board member focusing on governance and as a long-term strategic investor nurturing the growth of an exceptional institution". RBI APPROVES HINDUJA GROUP ENTITY ACQUISITION OF RELIANCE CAPITALKOTAK MAHINDRA BANK'S BOARD APPOINTS ASHOK VASWANI AS MD & CEOIN FOCUSIN FOCUS
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