THE RESERVE BANK of India (RBI), which has approved Reliance Capital's (RCap) insolvency process, has directed the debt-laden firm to maintain an arm's length from IndusInd Bank, a Hinduja Group company. The regulator also approved the appointment of five Hinduja Group representatives as directors on RCap's board.
In its no-objection letter dated November 17, RBI had approved the resolution application submitted by the Hinduja Group for the former Anil Ambani group company.
Mauritius-registered IndusInd International Holdings (IIHL), the group company through which the Hinduja Group had placed its bids for RCap, holds a 15% stake in IndusInd Bank.
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