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Fresh twist in realty NBFC Altico’s resolution. Corporate-governance concerns cloud suitor SSG Capital.

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Investigation

Fresh twist in realty NBFC Altico’s resolution. Corporate-governance concerns cloud suitor SSG Capital.

Altico’s lenders had cleared SSG’s proposal last month and sent it to RBI for final approval. But its management and staff have written to the central bank about some legal proceedings against the acquirer, casting a shadow over its “fit and proper” status under the law. Employees are also worried that SSG might wind down the business, jeopardising their jobs.
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nsundareshasubramanian
13 Apr 2020 9 Mins Read 1 comments
Shyam Maheshwari, partner, SSG Capital; illustration by Arindam Chakraborty
Shyam Maheshwari, partner, SSG Capital; illustration by Arindam Chakraborty
It is not over until it’s over. The resolution of troubled realty-finance company Altico Capital seemed to be done when a proposal by Hong Kong-based SSG Capital was cleared by its lenders led by the State Bank of India last month. However, even as the deal is awaiting final regulatory approval from the Reserve Bank of India (RBI), a
which in the current context is very rare. The Cerberus plan also envisages job protection to all the employees of Altico,” says an employee, who did not want to be identified. The ball is now in the RBI’s court, and the banking regulator typically takes a month or two to clear such deals. ( Graphics by Mohammad Arshad)
It is not over until it’s over. The resolution of troubled realty-finance company Altico Capital seemed to be done when a proposal by Hong Kong-based SSG Capital was cleared by its lenders led by the State Bank of India last month. However, even as the deal is awaiting final regulatory approval from the Reserve Bank of India (RBI), a which in the current context is very rare. The Cerberus plan also envisages job protection to all the employees of Altico,” says an employee, who did not want to be identified. The ball is now in the RBI’s court, and the banking regulator typically takes a month or two to clear such deals. ( Graphics by Mohammad Arshad)

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