Mumbai, Oct 4 (SocialNews.XYZ) The Reserve Bank on Monday superseded the board of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).
The two boards were superseded owing to governance concerns and defaults by these companies in meeting their various payment obligations.
The RBI appointed Bank of Baroda's former Chief General Manager Rajneesh Sharma as the administrator of these companies.
"The Reserve Bank also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019....
"... and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional," the central bank said in a statement.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz