The phrases of the request for proposals (RFP) required each proposals – from Enviornment Traders in partnership with Varde Companions and from Shon Randhawa with Viren Shah – to supply EMD for the proposals to be regarded as legitimate. Administrator Rajneesh Sharma mentioned lenders will handiest imagine plans that meet the phrases of the RFP.
The allow applicant used to be required to publish Rs 150 crore EMD along side the plan. The RFP additionally mentioned that the EMD quantity could be canceled if the RBI didn’t ascertain the successful bidder.
“The Dispute Solution Specialist gave each candidates till Monday night to finalize the EMD. Each failed to fulfill the prerequisites of the RFP,” the lender mentioned to Sreyu.
The management didn’t reply to ET’s request for remark.