IN RE Vs. RELIANCE CAPITAL LIMITED AND ORS

JUDGEMENT

(1.) Heard learned counsel for the Petitioner Companies.

(2.) The sanction of the Tribunal is sought under Sections 230 to 232 of the Companies Act, 2013, to the Scheme of Arrangement between Reliance Capital Limited ("the Demerged Company") and Reliance Home Finance Limited ("the Resulting Company") and their respective Shareholders and Creditors.

(3.) The Demerged Company is a Systemically Important Non-deposit Taking Non-Banking Financial Company ("NBFC-ND-SI") registered with the Reserve Bank of India ("RBI"). It is listed on both the BSE Limited and the National Stock Exchange of India Limited. The Demerged Company has interests in asset management and mutual funds, life and general insurance, commercial and home finance, real estate lending, stock broking, wealth management services, distribution of financial products, asset reconstruction, proprietary investments and other activities in financial services. The Resulting Company is a wholly owned subsidiary of the Demerged Company. The Resulting Company is registered with National Housing Bank as a housing finance company, without accepting public deposits, as defined under Section 29A of the National Housing Bank Act, 1987 and is principally engaged in the housing finance business.