The Workers’ Union of Hindustan National Glass & Industries Ltd. (HNGIL) has raised concerns over the conduct of M/s Exclusive Capital Ltd. (ECL), a Reserve Bank of India (RBI)-registered Non-Banking Financial Company (NBFC), during the ongoing corporate insolvency process of HNGIL.
In a representation dated June 24, the union urged the RBI and Justice (Retd.) R.K. Gauba — the Court-appointed Observer for ECL — to investigate the source of funds used by ECL to acquire debt from original lenders of HNGIL. The union has alleged that funds potentially siphoned from ECL were used to secure a position on HNGIL’s Committee of Creditors (CoC), granting access to confidential information during the insolvency proceedings.
On…