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Group firm IIHL had emerged as the highest bidder for Reliance Capital in the second round of the auction with an offer of over $1.1 billion.

While the earnings have been encouraging, the real challenge lies in addressing the slowing deposit growth and leadership uncertainty.
As the private lender reeled from serial scandals, Hinduja insisted he was merely a shareholder. Board-level links, conflicts of interest and regulatory blind spots suggest otherwise.
After successive controversies and growing unease over promoter influence, the central bank is reshaping the lender—starting with management, moving to its board and tightening the screws on ownership.