Anil Ambani's Reliance Capital Ltd (RCL) has defaulted payment of interest of Rs 534.64 crore on non-convertible debentures (NCD) in which Employees Provident Fund Organisation (EPFO) had invested Rs 2,500 crore.
Employees Provident Fund Organisation (EPFO) has invested Rs 2,500 crore in Reliance Capital's bond programmes, for which RCL has defaulted in payment of interest from October 2019.
EPFO had asked the government to initiate insolvency and bankruptcy proceedings against RCL.
The Reserve Bank of India (RBI) has superseded RCL's board of directors on November 29, 2011. RBI on December 2, 2021 filed application for initiation of corporate insolvency resolution process (CIRP) against RCL. Reliance Capital started facing tough times after it's Infrastructure Leasing & Financial Services (IL&FS) collapsed in September 2018.