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Reliance Capital, a aspect of financial debt-ridden Anil Ambani-promoted Reliance Group on Saturday stated its consolidated web decline narrowed to Rs 1,488 crore in the fourth quarter ended March 2023.The firm posted a web reduction of Rs 4,249 crore in the January-March quarter of the final fiscal.Its full consolidated profits declined to Rs 4,436 crore in the quarter from Rs 4,770 crore in the year-ago interval, Reliance Money said in a regulatory submitting.The full expenses reduced to Rs 5,949 crore from Rs 8,982 crore in the corresponding quarter of the previous fiscal.On a standalone basis, the enterprise posted a net reduction of Rs 1,389 crore compared to Rs 25 crore a year back.The total revenue declined to Rs 3 crore in the March 2023 quarter from Rs 5 crore in the year-in the past time period.The corporation is beneath the insolvency method because November 29, 2021, when the Reserve Financial institution of India (RBI) superseded the board of Reliance Cash in check out of payment defaults and serious governance difficulties.The RBI appointed Nageswara Rao Y as the administrator in relation to the Company Insolvency Resolution Process (CIRP) of the firm.Reliance Cash is the 3rd massive non-banking monetary organization (NBFC) against which the central lender has initiated personal bankruptcy proceedings less than the IBC. The other two have been Srei Group NBFC and Dewan Housing Finance Company (DHFL).The central lender subsequently submitted an application for initiation of CIRP versus the organization at the Mumbai bench of NCLT.In February past yr, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Cash.
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