Torrent sends protest letter to administrator as Hinduja ups offer to Rs 9,400 crore

26 Dec 2022 , 11:09 AM

According to people familiar with the development, the race for Reliance Capital has been unexpectedly thrown open, with the Hinduja Group submitting an offer that exceeds that of Torrent Investments, which made the top bid of Rs 8,640 crore by the Wednesday auction deadline.

Torrent sent a protest letter to administrator Nageswara RaoY, condemning the bid-rigging attempt.

‘One of the resolution applicants has attempted to revise the bid amount quoted by it during the challenge mechanism process, in an attempt to illegally increase its bid amount beyond the time allowed,’ it said in a note.

The note further iterated that this violates the challenge process note.

However, no clear responses have been received from any of the companies on this matter.

According to the sources cited above, Hinduja Group submitted a bid of Rs9,400 crore after the cut-off, having exited the bidding process after making a final offer of Rs8,110 crore.

According to the people cited above, the committee of creditors (CoC) opened the plans at a meeting on Friday. Lenders will have to decide whether to accept the Hinduja bid since the auction officially ended on Wednesday evening, according to experts, who added that the issue will most likely result in litigation.

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