INSUBCONTINENT EXCLUSIVE:
under mounting debt."The court has passed an order placing restrictions on any sale, disposal or creation of any encumbrance on any assets
of the company, which inter-alia include the company's 4.28 per cent shareholding in Reliance Nippon Life Asset Management Ltd, till
December 16," Reliance Capital informed stock exchanges in regulatory filings.The formal order of the high court is awaited
"The company will take all appropriate steps in the matter as legally advised, including to file an appeal against the said order to protect
the interests of its lenders and other stakeholders," it said late on Wednesday.In late September, Ambani said the company suffered great
collateral damage over the last six months due to a combination of factors, including the crisis in financial services sector, irrational
action by auditors and rating agencies, and now slowdown of the Indian economy.As a part of the transformation process, Reliance Capital
will no more be in any of the lending businesses.The company had repaid over Rs 35,000 crore in debt over the past 15 months
It is close to repaying another Rs 15,000 crore by March 2020 despite zero funding from any bank, NBFC or financial institution, Reliance
Capital says.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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