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Mumbai: Virendra Jain, vice-chairman of Jai Corp, has emerged as the highest bidder for the debt-laden Rolta India with a 725-crore bid that includes some conditional payments, people familiar with the process said..
Jain is bidding in his personal capacity for the company that faces probes into alleged instances of fraud.. The company received nine bids mostly ranging between 500 crore and 700 crore to settle the total debt of the company which amounts to 14,000 crore, these people said..
Jain's bid includes some conditional payments linked to insurance claims filed by Rolta and also recoveries from certain fraudulent transactions by the erstwhile promoters, these people said.. Jain declined comment when reached through his office landline..
"Jain's bid of 725 crore is about 5% recovery on the total debt which is pretty poor but at 20% recovery on the 3,500 crore principal dues of the company it is worth some consideration..
