M&A

M&A

SC okays Rs.2887-Cr Reliance Home Finance resolution

Business Line  

The Supreme Court has ruled against Bombay HC's December 2022 order dismissing the plea with respect to takeover of Reliance Home Finance by Authum Investments and Infrastructure. Citing the similar case of Securities and Exchange Board of India (Sebi) vs Rajkumar Nagpal and Others, the apex court paved the way for the acquisition saying that the dissenting debenture holders should be provided an option to accept the terms of the resolution plan which proposed the takeover. Earlier, Authum had told the top court that it is ready to implement the INR 2,887-crore resolution plan for Reliance Home Finance by March 31. However, Sebi had opposed the proposal alleging violation of its guidelines on voting process for debenture holders.