Irdai seeks details of IndusInd International shareholders for R-Cap deal nod

livemint.com:

₹9,650 crore and was approved by a majority of the lenders. The plan has to be implemented within 90 days of the date of the order. According to the Irdai letter, during the meeting on 12 December, the administrator was “requested to arrange the details of proposed transferee IIHL, IIHL BFSI (India) and AELLP (Aasia Enterprise LLP)".

While the administrator on 13 February mailed a draft response as received from IIHL, the insurance regulator found it to be incomplete. “From the draft response, it is indicated that IIHL has 600 shareholders and none of whom holds more than 10% of shares," said the Irdai letter. Irdai sought details of these 600 shareholders, including their names, country of incorporation or citizenship, and the percentage of equity held.

It has also asked for details of the equity stake held by major shareholder groups in IIHL “acting in concert". The Insurance regulator also sought clarifications related to the proposed corporate structure of Reliance Capital and its insurance subsidiaries following the acquisition by the Hinduja Group. The queries also relate to the group's plans to fund the acquisition and the source of funds.

Queries sent to Hinduja, Irdai and Reliance Capital remained unanswered till press time. The development comes after the Hinduja Group filed an application with the regulator seeking approval for transfer of shares from Reliance Capital to the privately-held firm of the Hindujas: Aasia Enterprises LLP. While Ashok Hinduja, chairman of the Hinduja Group of Companies (India), holds 90% in the limited liability partnership, 5% each is held by his wife Harsha and son Shom Hinduja.