Hinduja group did not deposit funds for RCap acquisition: Administrator

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Hinduja group did not deposit funds for RCap acquisition: Administrator - Business Standard

Quick Summary:

The administrator has appealed to the court that the interlocutory application filed by IIHL seeking modifications in the July 23 order is nothing but a delaying tactic, and should be rejected.

The NCLT, in its July 23 order, had directed IIHL to deposit Rs 2,500 crore in the offshore escrow account of the CoC by July 31.

The administrator has also accused the IIHL of ignoring his mails and informed the court that after the July 23 order, IIHL did not respond to him for 8 days, despite him following up with the company on a daily basis.