Reliance Home Finance Limited (the ‘Company’ / ‘RHFL’) was incorporated in Mumbai, Maharashtra on June 5, 2008 with the Registrar of Companies (RoC) as “Reliance Homes Finance Private Limited”. The Company later changed its name from “Reliance Homes Finance Private Limited” to “Reliance Home Finance Private Limited”. Subsequently, converted itself from Private Limited Company to Public Limited Company and consequently, the name was changed to “Reliance Home Finance Limited”. The Company had received the fresh Certificate of Incorporation dated March 27, 2012 from RoC.
The equity shares of the Company are listed on the Indian Stock Exchanges viz. BSE Limited and the National Stock Exchange of India Limited with effect from September 22, 2017.
The Company is promoted by Reliance Capital Limited (RCap), the financial services company of the Reliance Group. RCap is currently under Corporate Insolvency Resolution Process (CIRP). The Reserve Bank of India (RBI) vide its press release dated November 29, 2021 superseded the Board of Directors of Reliance Capital Limited under Section 45 IE of the Reserve Bank of India Act, 1934; and has appointed Shri Nageswara Rao Y as its Administrator with effect from November 29, 2021. RCap shareholding in Reliance Home Finance Limited is NIL.
In pursuance of the implementation of the Resolution Plan in terms of RBI Circular No. RBl / 2018-19 / 203, DBR . No. BP. BC. 45 / 21.04.048 / 2018-19 dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, the order of Hon’ble Supreme Court of India dated March 3, 2023 and the special resolution passed by the Shareholders of the Company dated March 25, 2023, the Resolution Plan had been successfully implemented.
Further in pursuance of the implementation of the Resolution Plan:
(a) Term Loans / Cash Credit / Commercial Papers have been repaid in terms of their respective entitlement under the Resolution Plan in full and final settlement of their dues;
(b) Debenture holders (other than dissenting debenture holder) have been paid in terms of their respective entitlement under the Resolution Plan in full and final settlement of their dues, The Company had kept an amount equivalent to their respective entitlement as per Resolution Plan in full and final settlement of dues of the said Dissenting Debenture Holders in fixed deposit and Debenture Holders would be paid upon receipt of assent to the Resolution Plan; and
(c) The Company has entered into the agreement to transfer its Business by way of a slump sale on a going concern basis, to Authum Investment and Infrastructure Limited (the Resolution Applicant), through its wholly owned subsidiary Reliance Commercial Finance Limited.
The business undertaking of the Company had been transferred by way of a slump sale on a going concern basis, to Authum Investment and Infrastructure Limited (the Resolution Applicant), through its wholly owned subsidiary Reliance Commercial Finance Limited with effect from March 31, 2023 and the Company had ceased its Housing Finance Institution (HFI) activity with effect from March 31, 2023. Accordingly, the Company had surrendered its Certificate of Registration (CoR) on account of voluntary exit from housing finance business and the Reserve Bank of India vide its Order dated January 25, 2024 has approved Company’s application for surrender of its CoR on account of voluntary exit from housing finance business.
The Company had, inter-alia, assigned and transferred all Loan Accounts of customers to RCFL and accordingly, all the rights and powers available with the Company under the underlying loan documents shall be exercised by RCFL w.e.f. April 1, 2023. The Company had communicated the same to all the customers vide its letter dated March 31, 2023 and e-mail dated April 6, 2023.
For any query, the customers may reach to Reliance Commercial Finance Limited at customercare.hfd@reliancecommercialfinance.com or call at 022 4741 6400.