Lenders begin voting to hold second auction for Reliance Capital assets

Indian lenders bega voting on the proposal whether to hold a second auction to sell Reliance Capital assets or not on Monday. 

The voting was held after the National Company Law Tribunal did not stay the second auction after a petition made by Torrent -- which has emerged as highest bidder in the first auction with an upfront cash offer of Rs 8,640 crore.

The voting to hold a second auction is expected to end on Tuesday. The NCLT will give the final order on the Torrent petition on January 12th.

Harish Salve and Abhishek Manu Singhvi today represented the Hinduja group at the NCLT. The Hinduja group had offered Rs 9,000 crore to the lenders after the first round of the auction was held earlier. The counsel for the RBI appointed administrator submitted that no action on voting will be taken before the next date of January 12th.

Piramal-Cosmea, and Oaktree are also eligible to participate in the second auction apart from Torrent and the Hinduja group.