Open Elite Developers Limited
(Formerly Known as Reliance Commercial Finance Limited)
(Formerly Known as Reliance Commercial Finance Limited)
Open Elite Developers Limited (“OEDL”) (Formerly known as Reliance Commercial Finance Limited) was incorporated in 2000 and its debentures are listed on Bombay Stock Exchange Limited. OEDL is engaged in real estate activities.
OEDL has been acquired by M/s Authum Investment & Infrastructure Limited ('Authum'), a registered NBFC carrying on the business of investment in shares and securities and also financing activities to achieve the goal of enhancing the value for its stakeholders, with effect from October 14, 2022.
Pursuant to the resolution plan in accordance with the circular dated June 7, 2019 issued by the Reserve Bank of India on Prudential Framework for Resolution of Stressed Assets, Lenders of the Company had selected Authum as the successful Bidder to acquire the Company and / or all its assets through a competitive bidding process after several rounds of negotiations between the bidders and the lenders. Hon'ble Supreme Court of India by the order dated August 30, 2022 had approved the Resolution Plan.
Pursuant to the above, OEDL is a Wholly Owned Subsidiary of Authum. Further pursuant to the order dated May 10, 2024 passed by the Hon’ble National Company Law Tribunal, Mumbai bench (“NCLT”) approving the scheme of arrangement between OEDL and Authum, the lending business of OEDL has been transferred to Authum with effect from October 01, 2023. The Company now continues with real estate business.
For any queries related to loans, the erstwhile customers can visit the below link: