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Rbi Retains Advisory Committee Of Srei Infrastructure And Srei Equipment Finance Limited News In Hindi

Business Desk, Amar Ujala, New Delhi

Published by: Gaurav Pandey
Updated Mon, 11 Oct 2021 05:09 PM IST

Summary

After the dissolution of the board of directors of Srei Infrastructure and Srei Equipment facing financial crisis, the Reserve Bank of India said in an order issued on Monday that it has been decided to retain the advisory committees of both the companies.

reserve Bank of India
– Photo: PTI (File)

The Reserve Bank of India (RBI) has retained the advisory committee of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited. RBI gave this information in a statement issued on Monday. Earlier, on October 4, the RBI had dissolved the board of directors of these two companies for default in payment.

The command of both these NBFCs has been entrusted to Rajneesh Sharma, former Chief General Manager of Bank of Baroda. RBI had said that under the Insolvency and Bankruptcy Rules, 2019, the process of resolution of both the NBFCs will start.

These people are members of the advisory committee
The members of the advisory committee are R Subramaniakumar, former MD and CEO of Indian Overseas Bank, TT Srinivasaraghavan, former managing director of Sundaram Finance Ltd. and Farooq N Subedar, former chief operating officer and company secretary of Tata Sons Ltd. Both these Kolkata-based companies are facing financial crisis since last year.

Second action after Dewan Housing
This is the second action the RBI is going to take after many years under the Insolvency and Bankruptcy Code. Earlier in 2019, this action was taken against Dewan Housing Finance Limited (DHFL). In recent years, RBI has also taken strict action against defaulting banks. So far, similar action was taken against the board of directors of three banks- PMC Bank, Yes Bank and Lakshmi Vilas Bank.

Expansion

The Reserve Bank of India (RBI) has retained the advisory committee of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited. RBI gave this information in a statement issued on Monday. Earlier, on October 4, the RBI had dissolved the board of directors of these two companies for default in payment.

The command of both these NBFCs has been entrusted to Rajneesh Sharma, former Chief General Manager of Bank of Baroda. RBI had said that under the Insolvency and Bankruptcy Rules, 2019, the process of resolution of both the NBFCs will start.

These people are members of the advisory committee

The members of the advisory committee are R Subramaniakumar, former MD and CEO of Indian Overseas Bank, TT Srinivasaraghavan, former managing director of Sundaram Finance Ltd. and Farooq N Subedar, former chief operating officer and company secretary of Tata Sons Ltd. Both these Kolkata-based companies are facing financial crisis since last year.

Second action after Dewan Housing

This is the second action the RBI is going to take after many years under the Insolvency and Bankruptcy Code. Earlier in 2019, this action was taken against Dewan Housing Finance Limited (DHFL). In recent years, RBI has also taken strict action against defaulting banks. So far, similar action was taken against the board of directors of three banks- PMC Bank, Yes Bank and Lakshmi Vilas Bank.

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