In a bizarre twist to the tale, Torrent has revised its resolution plan for Reliance Capital. Torrent had earlier accused IIHL (Hinduja Group) to revise their Resolution Plan.
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Torrent has now revised its upfront payment from Rs 3,750 crore to Rs 8,640 crore. This is allegedly in gross violation of the RFRP and the Challenge Mechanism.
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Torrent's alleged all cash bid of Rs 8,640 crore is still lower than the Rs 9,000 crore plus all cash bid of IIHL.
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