IDBI Trustee Asks ​RCap Administrator to Withdraw Confidentiality Breach Allegations

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  • IDBIA Trusteeship Services said the allegations were made based on a media article.
  • IDBI claimed that they are a reputable professional trustee company, diligent about the sensitivity of the information involved.
  • IDBI Admin has claimed that the RCap CoC minutes do not accurately reflect the discussions.


IDBI Trusteeship Services has the administrator of: dependency capital, Nageswara Rao Y. to withdraw the allegations of breach of confidentiality.

In a letter to Rao, IDBI Trusteeship Services said the allegations were made based on a media article stating that IDBI Trustee claimed that the RCap CoC minutes do not accurately reflect the discussions.

“At first, we are surprised to find the content of your email to be baseless, unsubstantiated and far from the truth. We deny the same,” IDBI Trustee said in the letter to the administrator of Reliance Capital.

“We note that said alleged allegation was made because the said letter purportedly refers to the concerns expressed in our August 16 letter. which, to say the least, establishes or even suggests that this was published on our behalf You are being strictly put to the test in this regard. Rather, this merely indicates that your email (including the allegations made therein) was made without any effort to verify its actual position,” said IDBI Trustee.

“As a reputable professional trustee company, we are diligent about the sensitivity of the information involved and are bound by our commitment in connection therewith. Both we and the secured party with whom we are acting as a trustee deny any breach of confidentiality being committed as claimed in your email,” according to IDBI Trusteeship Services.

“Given the above position, you are requested to retract the allegation contained in your email as soon as possible,” IDBI Trustee said in the letter.

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