Dated March 20, the letter by the Insurance Regulatory and Development Authority of India (IRDAI) was in response to a request by administrator Nageswara Rao Y to approve the transfer of RCap's shares in three insurance companies to Aasia Enterprises LLP, another Hinduja group company. In February, the National Company Law Tribunal (NCLT) had approved a 9,661-crore resolution plan by IIHL, Aasia Enterprises LLP and IIHL BFSI (India) Ltd for the previously Anil Ambani-owned RCap.
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